Are the days of plentiful short sales numbered?

WE see less than a 1.3 of the short sales we did a year ago.  That is good for the Real Estate market and good for the economy

Thank goodness! I have done all the short sales that I care to do...

Richard, we didn't experience an abundance of short sales like other parts of the country. Only 2% of our market was due to distressed properties and I suspect that number has decreased. I do think we'll see even fewer with rising prices.

Richard - Short sales and REO's are down significantly here in Central Ca.  Like you said they probably will never go away completely but they are certainly headed in the right direction.

Richard - Short sales and REO's are down significantly here in Central Ca.  Like you said they probably will never go away completely but they are certainly headed in the right direction.

They have also dwindled in numbers in my neck of the woods too. Good riddance. I realize there will always be a few - a few is okay. ;)

My short sale business has dropped way off after cresting in 2012. That was the year of the short sale all right. 2013, not so much. I'd say about 20% of my business this year will be short sales compared to 80% several years ago.

We were very lucky that we had so few even at the worst of times.  That being said I still have a short sale listing right now.

Richard, out numbers are way down from the past 5 years. We're only hosting 22 on the market today. I can remember when that was over a hundred.

The days are numbered. First, lenders prefer foreclosure now to short sales. before short sales made the most economic snese, not foreclosures do. Second, banks have been slicing their staffs in half or more and tha is a clear sign, as well as selling loans to glorified collection companies or Nationstar trying to coerce sellers to use auction.com. There is no political will to reinstate the Mortgage Indebtedness Relief Act. George Harrison was right, All things must pass.

I remember when I had 35 short sales at one time. .

today, I got 6 

I knew it was a matter of time before the market worked itself out.  My recent post about my local market shows them down, way down.

Numbering our days can gives us incentive to do greater things!

Love and light and prosperity in 2014,

Laura

Short sales have definitely decreased in our area - by as much as 70% in some neighborhoods.  I'm so thankful that we just have to negotiate our sales contracts with the homeowners (and not the banks)!

In Charlotte, we've seen a huge reduction in all types of distressed property sales over the past 18 months or so... and they have become a very small percentage of total sales, just because there are so few.

Richard you did not mention anything about the tax consequence in 2014. I have heard nothing new as if they plan to extend the law. If the Seller will become responsible for the deficiency amount, I think the replacement with Bankruptcy or foreclosure.

It is such a relief to see the short sales dwindling and you are absolutely correct that with the prices paid for most of the ones that have sold, there should be little chance of them being worth less than the sales price.  Now we just have to get through the bank-owned!

As a Short Sale specialist here in Charlotte NC., I am still seeing a steady stream of Short Sales. Even though the overall Charlotte Listing Market reflects less homes available for sale in comparison to the past 2-3 years, short sales/foreclosures make up a significant number of homes within today's market under the $150K price range. Thus, the reason why Charlotte has seen a huge influx in investor-purchased closings within the past 18 months. 

In Florida short sales have dropped from 40% plus of the listings to only 15% or so of the listings.  Better to focus on the 85% of non-short sales.