RealtyTrac — as close to foreclosure-data experts as you can get — reports that short sales “soared” in the second quarter.
Q2 2010: Bank-owned or foreclosure properties made up 24% of all sales.
Q2 2011: Bank-owned or foreclosure properties made up 31% of all sales.
And pricing? The average REO/foreclosure property sold for 32% less than one not in foreclosure. And the average sale price for distressed homes dropped 5% from last year.
Is there a silver lining to these numbers? RealtyTrac CEO James Saccacio thinks so. These numbers, he said
all point to a housing market that is starting to focus on more efficiently clearing distressed inventory through more streamlined short sales — at least in some areas.
This gives distressed homeowners who do not qualify for loan modification or refinancing — or who are not interested in those options and want to sell — a better chance of completing a short sale to avoid foreclosure.
Click here to read the full RealtyTrac release and report, full of number-crunched goodness.