
Get ‘em before they’re gone!
CNBC Real Estate Reporter Diana Olick today reports that bank-owned foreclosures (also known as REOs) and short sales — both of which fall under the distressed real estate umbrella — accounted for nearly 50 percent of all home sales in Dec. 2010.
The 47 percent share is up from 44.5 percent in Nov. 2010.
Low interest rates, as well as delayed sales agreements that were finally pushed through after “robo-signing scandal” concerns were alleviated, are the primary reasons behind the major spike.
Thomas Popik of Campbell/Inside Mortgage Finance explains:
“There were signed purchase and sale agreements, and those closings were delayed until the paperwork was reviewed. The major servicers pulled from the market houses that had been listed, and buyers were found. Once those transactions went back on, then they closed, and that’s what bumped up these December statistics so much.”
Keep in mind that home sales are typically down during the holidays, which makes this news even more remarkable because real estate business was actually up 12.3 percent (seasonally adjusted) to close 2010.
To search foreclosed homes and short sale listings for sale in your area click here.
Be sure to hurry … the distressed real estate market is fast and furious. The best deals don’t last long!







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