Shorts sales getting shorter

Short sales to get shorter
Beginning June 15, distressed homeowners whose loans are backed by Fannie Mae and Freddie Mac should expect to receive a decision on a short sale offer within 30-60 days. Compare this to the average for these two institutions in January of this year alone (193 days) and we should view this as a positive turn of events. Not only will it make short sale transactions for both buyer and seller less of a drawn-out heachache, but it will help lower the backlog of inventory of these types of homes that are continuing to weigh down the real estate market and general economy.

The goal is to actually provide a response within 30 days but giving these lenders an additional 30 days if necessary. If they do use this extension, they'll be required to provide the loan borrower weekly updates and must make a decision with 60 days max.

Think this doesn't matter in Edmonds? Currently there are 257 single family listings that are either active or currently under contract. Of those, over 25% of them are short sales.  The quicker these types of distressed sales are removed from the inventory and market, the quicker we can return to a more balanced market.

Here's a list of regions around the Sound:
I compiled this list from the NWMLS list of active and pending single family homes as of this writing.

• Edmonds Bowl -- 4 of 26 (active or under contract) are short sales (15%)
• Ballard/Greenlake -- 92 of 501 are short sales (18%)
• Queen Anne/Magnolia -- 29 of 252 are short sales (12%)
• West Seattle - 172 of 529 are short sales (33%)
• Beacon Hill - 42 of 134 are short sales (31%)
• Capitol Hill/Central District -- 9 of 71 are short sales (13%)
• Richmond Beach/Shoreline -- 43 of 152 are short sales (28%)
• Bothell -- 29 of 98 are short sales (30%)
• Bellevue -- 78 of 445 are short sales (18%)
• Kirkland -- 58 of 266 are short sales (22%)
• Issaquah -- 34 of 199 are short sales (17%)
• Federal Way/Dash Point -- 164 of 417 are short sales (39%)
• Kent -- 233 of 656 are short sales (36%)
• Renton Highlands - 121 of 362 are short sales (33%)
• Mercer Island -- 11 of 137 are short sales (8%)

Casey

Casey