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REOs vs. The Short Sale... Sale Prices
Well... another bumpy ride on Wall Street last week... but then again... that's not news to anyone.  Here's what you may not know though, the Real Estate Market may be in the beginning stages of stabilizing.
The Arizona Multiple Listing Service reports that there are over 6,200 residential properties currently in the Sale Pending category. This is about the same number of homes that were in the SOLD category in 2001, 2002 and 2006. Of the 6,200 homes in the Sale Pending category, a little over 2,000 were placed in the Sale Pending category between October 1st and 12th.  Of that number over half are distressed property sales and of that number, over 80% are REO sales.
In the $125,000 to $175,000 price range REOs were reduced, from list price to sale price by as much as 24%. The difference between list and sale price for Short Sale transactions is only about 20% (*source ARMLS 10/2008).  These statistics encompass all of ARMLS, an area spanning over 200,000 square miles. Nevertheless, the statistics demonstrate two important facts for real estate agents, sellers and buyer. First for the buyer; if the buyer is looking to purchase a Short Sale property, the buyer should ... more

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