Has anyone else noticed the trend going away from short sales into more REO properties? I speculate this is due to the long processing on the part of the lenders to get short sale approvals and increasingly, I am hearing more agents and buyers both steering away from short sales and just waiting for the property to revert to an REO. A year ago, the buzz was for everyone to "get a deal" with short sales but they're not deals anymore since they're already not worth what was paid for them in 2005/2006, i.e. if one paid $400,000 for a home then and it's only worth $320,000 now and they're trying to do a short sale for $300,000-$320,000, not much of a deal....and they're typically listing them for LESS once the bank takes them back, without the hassle and long wait!
We keep hearing that the market (and the economy) is rebounding.......but the numbers don't lie. Here in the Puget Sound area, I ran 3 of the local markets comparing the past 6 months to today, with the same timeframe in 2009. Here are the results:
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