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"Underwater" Homes - The Rest of the Story
Monday, I was on Fox 35 talking about the latest RealtyTrac report for 'underwater' homes in Orlando. Here is a link to the story http://tinyurl.com/mjpewbr During that interview Bob Frier asked how big an impact the sales of 'underwater' homes has had on the improving percentage.I knew it probably had an impact, but could not quantify it. That got me thinking about just how many distressed properties we have had in Orlando over the last several years. Below is a chart with our local real estate sales broken out by REO 'foreclosure' sales, short sales, and traditional 'equity' sales. This chart has the raw number of each type of sale, but the bars are all on a 100% scale to show the proportion of each type of sale as well.REO sales peaked in 2010, while short sales continued to grow through 2011 and 2012. Short sales are notorious for taking several months to close which probably accounts for the lag time. If you add each category, there have been 60,870 REO properties sold, 38,699 short sales and 95,444 traditional sales. Adding the REO and short sales together, there were 99,569 distressed sales. Most, if not all were 'underwater' sales. So, I would ... more

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