Wednesday
September 3, 2014

Short Sales Fall Sharply as Home Prices Rise

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Short Sales Fall Sharply as Home Prices Rise

Short sales are on the decline, as home prices inch up and more home owners stay current on their mortgages. Daren Blomquist, vice president at RealtyTrac, says short sales started to trend lower in the second half of 2013.

Four percent of December sales were short sales, selling for an average discount of 13 percent below market value, according to the National Association of REALTORS®’ latest existing-home sales report.

Overall, distressed homes — which includes both foreclosures and short sales — accounted for 14 percent of sales in December, unchanged from November but down from 24 percent from December 2012, NAR’s data shows.

According to RealtyTrac, the following states had the highest percentage of short sales in December:

  1. Nevada: 15.3%
  2. Florida: 14.4%
  3. Illinois: 9%
  4. Maryland: 8.2%
  5. New Jersey: 7.9%
  6. Michigan: 7.2%

—By REALTOR® Magazine

Read more:

REALTOR® Magazine's Resources for Short Sales
Making a Difference, One Short Sale at a Time
More Owners Sabotaging Short Sales