More Struggling Home Owners Opt for Short Sales

The Reason why struggling home owners opt for Short Sales

Short sales surged in 2012 to a level that was nearly triple the amount of foreclosures, according to recent data from RealtyTrac.

Foreclosure sales made up 11 percent of all transactions last year while short sales made up 32 percent, RealtyTrac reports.

“We’re seeing fewer of the most disruptive sales, the [bank-owned foreclosures], hitting the market but there are still a lot of distressed property sales,” says Daren Blomquist, spokesman for RealtyTrac. “They’re shifting to short sales.”

The increase in short sales is helping to give a boost to distressed home prices too. In the fourth quarter, foreclosure or bank-owned homes sold for an average of $171,704, a 4 percent rise from a year earlier, RealtyTrac reports.

Source: “Struggling Home Owners Turned to Short Sales in 2012,” CNNMoney (Feb. 28, 2012)

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