The information in this report includes this chart showing the mix of regular sales, REO/Bank-Owned Sales and Short sales.
Observe that regular sales represented 43% of the market, REO/Bank-Owned Sales were 45%, while Short Sales amounted to 11% of the market.
Distressed Sales have become an even more important part of the market report, as it shows the percentage of sales that were bank owned/foreclosed,short sales, and regular sales. A bank owned/foreclosure home is one that the seller no longer owns –it has been taken over by the lender(s) who had a note on the home.
Short sales are homes where the seller is negotiating with the bank to “forgive” a portion of the debt in order to avoid foreclosure. We saw a slight decrease of 2% in the percentage of REO/Bank-owned properties that sold in January of 2010 as compared with December of 2009. Short sales increased by 3% in their share of sales in the Prescott MLS.
It should be noted that while there was a slight decrease in the number of REO properties sold between 12/09 and 1/10, this number has been increasing throughout 2009. In fact, just 6 months ago, 63% of all sales were regular sales and not distressed properties. This comprehensive report also covers sales histories, median sales prices, days on market, foreclosure trends, and many other charts showing the market results. January PAAR Stats http://JohnMosier.com/Stats/ PAAR-Market-Stats.pdf
Overview of Homes Sold:
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