Yesterday CR showed the breakdown of distressed sales year-over-year for different cities here.
Let’s look at our last six months, the period during which short-sale approvals have sped up, and compare to the previous year.
A comparison of NSDCC detached listings sold between August 15th and February 13th:
|6 Mo.||# of Sales 2011/2012||Avg. $$/sf 2011/2012||% share|
Here are the currently active detached listings in North SD County Coastal:
|ACT||# of det. actives||Avg. LP $/sf||% share|
The conversion of REOs to short-sales appears to be underway, though the distressed properties are continuing to make up only about 20% of the sales. How many of the currently non-distressed listings will end up sliding into the other two categories? Probably 25% or so?
Don’t be surprised if REO listings dry up, and short-sales surge the rest of the year as we bear down on the expiration of the debt-tax-relief on 12/31/12. Will Congress extend? Could it end up being a political football in this election year? It should, so sellers know where they stand.