Now Is The Time To Move On Short Sales
Traditionally there have been Seven Wonders of the World, but perhaps it’s time to add an eighth: lenders have now begun to embrace the idea of pre-foreclosures short sales, which mean big discounts for homebuyers and investors who favor distressed properties.
Here are some of the most recent Investment opportunities in the area.
Foreclosure Homes Account for 26 Percent of all U.S. Residential Sales in in Q1 2012
Sales of Ingleside Terrace Homes that were in some stage of foreclosure or bank owned accounted for 26 percent of all U.S. residential sales during the first quarter. Third parties purchased a total of 233,299 residential
properties in some stage of pre- foreclosure (defaults and scheduled foreclosure auctions) or bank-owned (REO) during the first quarter, an increase of 8 percent from the previous quarter and virtually unchanged from the first quarter of 2011.
Where Have All the REOs Gone?
Bank-owned (REO) inventory has decreased about 40 percent over the past in the past year and a half and continues to decrease despite a recent uptick in foreclosure starts. More than 109,000 U.S. properties started the foreclosure process in May, a 12 percent increase from the previous month and a 16 percent increase from May 2011 — the first annual increase in foreclosure starts since January 2010. Still, REO inventory continued to decline in May,down 5 percent from the previous month and down 31 percent from May 2011. So where have all the REO homes gone? They are hiding beneath one of three probable shells: