The media continues to focus their attention on the number of foreclosures taking place in the United States. National news this morning had statistics on forclosures. It was reported that one out of 194 U.S. households received a foreclosure filing so far this year. More doom and gloom news for the U.S. consumer to digest. On the bright side, the one market area that they are missing reporting on is short sales. Short sale mania has made a big hit in Tampa-Bay area. The Greater Tampa Association of Realtors recently reported that one out of eleven homes for sale in Hillsborough County Florida is currently listed as a short sale. Home owners who are falling behind in mortgage payments, but are trying not to have a foreclosure on their credit are listing their home as short sales. On the buying side. Buyers are looking at short sales as a great deal. They are gambling that the bank will negotiate with them on a great price. The only drawback is it may take a month or two to get the banks to respond to an offer. Our office has had great success at getting short sale properties to the closing table. I don't know if the media will ever report on short sales. But if they did, it would send out a message to the public that things are not as bad as they seem in the housing market.
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