In the not-so-distant past, both buyers and agents avoided short sales. They took too long, and the outcome was very uncertain.
But closings of detached-home short sales are increasing around the county:
We saw that the banks’ approval rate of recently closed NSDCC short sales was less than 60 days – helping to keep buyers interested in sticking around. With banks typically pricing REOs at retail, short sales might be the only place where you can find a deal.
A great story on the risks in the next market to finally get hit with short sales and strategic defaults , the jumbo market
More than 80% of these loans are still current, Moody’s said, but more than half of them are underwater
“The high level of negative equity and limited opportunities to refinance will continue to amplify the rate of strategic default, primarily in prime jumbo pools,” Moody’s said
http://www.housingwire.com/2012/01/12/moodys-warns-of-jumbo-mortgage-strategic-defaults
Bring ’em on.
BTW:
Existing home sales will rise 12% this year after a 2% increase last year, and new home sales, coming off a horrid year, will jump 74% this year, Moody’s Analytics predicts.
Single-family housing starts will rise 37% this year, Moody’s predicts, after falling 9% last year.
http://www.calculatedriskblog.com/2012/01/some-bullish-housing-forecasts-for-2012.html
yup, good old moody’s. they did such a fine job on the ratings of the CDS pool!
B..S..forecast is right!
Interesting, if you look at the dollar/sq foot prices they would apear to be at a 10% discount to 1q10.
From a review:
“Jan was an amazing asset when my husband and I decided to follow through with a short sale on our home. Our knowledge was very limited, mostly comprising of stories and rumors. Jan explained the process completely and walked us through every stage of the process. Jan is a highly motivated and focused Realtor. She was able to locate a cash buyer for our home before it was even listed!”