Who's winning the market statistics for Temecula, California for July 2010? Short sales or foreclosures?
The answer just might surprise you. News media report increasing number of defaults on mortgages, leading to foreclosures, and vacant homes in communities and neighborhoods, but neglect to report on short sales. The numbers tell a different story. If lenders couldn't help homeowners with loan modifications, then they are choosing to approve short sales over going forward with foreclosure.
The results are shown in red for short sales, and black for bank-owned homes.
As of July 29, 2010:
Total number of short sales available for sale: 161
Total number of bank-owned, or REOs available for sale: 67
Total number of short sales pending in escrow: 193
Total number of REOs pending in escrow: 77
Total number of short sales in backup status (waiting for lender approval): 237
Total number of REOs in backup status: 7
Sales for Temecula, California in last 90 days (only short sales and foreclosures are included here):
Total number of short sales closed: 238
Total number of REOs closed: 165
What does this mean for the homeowner who is unable to get their loan modified and may be facing foreclosure? It means homeowners can opt to short sale their home because more lenders are willing to approve short sales, rather than foreclose.
Pamela Seley, REALTOR®
Short Sale Resource | CA DRE lic # 01824145
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Pamela Seley, REALTOR® has helped homeowners in SW Riverside and San Bernardino Counties, California, by negotiating short payoffs with the following lenders and servicers:
Bank of America * Chase * CitiMortgage * EMC Mortgage * GMAC * HSBC * Indymac (now known as, One West Bank) * Midland Mortgage * SLS Specialized Lending Servicing, LLC * Wachovia Mortgage * Wells Fargo * World Savings Bank
All information deemed reliable, but not guaranteed. Copyright © 2009-2011 by Pamela Seley, REALTOR® | CA DRE Lic # 01824145
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Very interesting statistic and does cause one to pause and think.