Short Sales Stepping Out, Report Shows

Pre-foreclosure deals, which are often short sales, rose 15 percent in the fourth quarter from a year earlier; while sales of bank-owned homes declined 12 percent on an annual basis, reports RealtyTrac. The firm says a more than 20 percent year-to-year rise in short sales in hard hit states like Michigan, Georgia, Arizona, Washington, and Nevada shows that lenders view short sales as a better option for many troubled loans. The properties took an average of 308 days to sell during the quarter, up from 237 days a year ago; and overall, foreclosures accounted for 24 percent of all homes sales in the period. | Read More