Short sales hit three year high

The number of US homes purchased via short sale hit a three year-high in the first quarter of 2012, up 25% from a year earlier, according to a report on foreclosure-related sales. Owners unloaded 109,521 homes during the first three months of the year for less than what they owed on the mortgage, according to Irvine, Calif.-based data tracker RealtyTrac.

Such transactions help homeowners avoid having their properties repossessed by lenders, which must approve the sales. Short sales made up 12% of all residential sales during the quarter, commanding an average price of $175,461, a record low. "Financial institutions are aggressively seeking to move through their inventories of homes in default or scheduled for auction," said Stuart Gabriel, director of the Ziman Center for Real Estate at the University of California-Los Angeles.

 "This is a positive sign in the sense that clearing out this shadow inventory is a precondition for the full healing of the housing sector." The number of bank-owned homes sold slipped 15% from the year-earlier period to 123,778 units. Those properties sold for $147,995 on average. Out of all US homes sold during the first quarter, 26% -- or 233,299 properties -- were in some stage of foreclosure, according to RealtyTrac. That's slightly more than the 25% of sales in the same situation a year earlier. California has the second-highest percentage of foreclosure sales in the country, with 47% of home sales falling into the category. Nevada is the highest with 56%; Georgia is third with 46%. Compared with the fourth quarter, sales of homes in default, set for auction or owned by banks were up 8% nationally but flat from a year ago.

At an average $161,214, such properties sold at a 27% discount compared with an average non-foreclosure home. Santa Ana, Calif., research firm CoreLogic reported recently that the number of homes struggling through foreclosure held steady in March from February and fell from the year-earlier period.

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Jerry LaRose is an Orlando Area Residential Real Estate Expert and Foreclosure Specialist who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden, Kissimmee, St. Cloud, East Orlando, Longwood, Altamonte Springs, Maitland, Winter Park, Oviedo, Apopka, Lake Mary, Clermont, Ocoee  Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area. We are your Central Florida Short Sale realtors / agents. Orange county short sale specialist

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P.S. If you are listing your home as a short sale in Orange, Seminole, Polk, Lake, Osceola and Brevard County Florida and Orlando, East Orlando, St. Cloud,  Davenport, Clermont, Longwood, Windermere, Winter Garden,  Kissimmee, Winter Park, Altamonte Springs, Maitland,  Apopka,  Lake Mary, Oviedo or Ocoee Florida make sure you hire an agent and realtor who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. The short sale process is complicated and we can help simplify it.

We also have now expanded to help homeowners to Stop Foreclosure in Brevard County Florida. Servicing Melbourne, Coco, Coco Beach, Satellite Beach, Palm Bay, Indian Harbour Beach, South Patrick Shores, Palm Shores, Rockledge, Cocoa West, Merritt Island, Port Saint John and Titusville Florida

 Call us at 407-580-7011 or email at jerry@JerryLaRose.com  to find out more about Orange County Short Sales and Orlando Area Short Sales.

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