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Why Short Sales and Foreclosures Have Boosted the Market
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The real estate market is changing quickly. As your real estate resource center, I’m committed to keeping you up to date on all of these changes—and what they mean to you. Over the past few years, we’ve seen changes related to short sales and foreclosures. Because of this, there’s a good opportunity in real estate that most people are not aware of—low inventory along with record-setting low interest rates. Here’s what’s happening in southwest Florida. First, a short sale is a property that sells for less than what the owner owes on the loan, while foreclosure is when the bank takes ownership of the property. We’re seeing changes in the short sale process and mostly for the better with the process tending to be much more compressed. We’re also seeing changes in the number of foreclosures. Comparing December 2012 to December 2011 the number of bank-owned properties decreased by 44%. Along the same lines, bank-owned properties listed for sale decreased by 62% during the same time period. As the number of foreclosures and short sales decrease, nicer, higher-priced homes have come on the market. This is great news for southwest ... more
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