Short Sales Dwindling
The extension of the debt-tax relief act is still up in the air.
There have been several bills submitted, and everyone from the N.A.R. to the nytimes.com thinks there is a good chance that our Congress will extend it….but will we need it?
Did the threat of it expiring cause a flood of short-sale listings to hit the market recently? Not really, for the September/October period, there were fewer short-sale listings than in previous years.
NSDCC Detached-Home New Listings, September/October
|Year||Sept/Oct SS Listings||Sept/Oct Non-SS Listings||SS/Total %|
With recent upbeat news about the housing market, those who are underwater and hanging on this long are thinking that if they wait just a few more months or years, it will be different – and prices might go high enough for them to make some money!
After the next high sale in each neighborhood, expect that there will be 2-3 more new listings hit the market, looking to capitalize – but only if they can get their price.
P.S. Of the 55 listed this Sept/Oct, only six are still for sale.