Short Sales Overtaking Foreclosures as Way to Move Inventory

Real estate agents might want to take a longer look at short sales because of a surge in popularity. But be quick about it because recent data from Lender Processing Services shows that the number of short sales reported early this year exceeded the number of foreclosures for the first time, which means that buyers, sellers, agents and lenders are warming to the transactions, whether out of necessity or resignation. Figures from Lender Processing Services reveal that short sales accounted for nearly 24 percent of home purchases in January, with foreclosures accounting for 19.7 percent of sales in the same period. Those figures also are nearly a complete reversal of what the company reported a year ago.

“Foreclosures have come to a grinding halt,” said Jackie Cartwright, a HouseHunt agent in the Las Vegas area that was particularly hard hit by the housing crisis and typically leads the nation in foreclosure filings along with California and Arizona. “A lot of that has to do with the recent bill passed by the Nevada legislature that added steps for banks to follow before starting foreclosure proceedings.”

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