If the Nationwide statistics put on in a Recent article at Campbell/Inside Mortgage Finance Monthly Survey of Real Estate can be used for inference- then yes :
* Short sales have jumped from about 10 percent of distressed property sales during most of last year to 15.9 percent of home purchase transactions in January.
* By contrast damaged real estate owned or bank owned properties accounted for only 13.4 percent and move-in ready bank-owned accounted for 13.8 percent of all sales.
* Short sale properties are most often purchased by first-time home buyers
* Survey results showed that short sales typically sell for only 91 percent of listing price. (Source: UPI.com)
What does all this information mean for homeowners in Des Moines? Ultimately, it is showing us that 2 things are happening:
1. The rate of new foreclosures are not declining. We are actually experiencing the 2nd wave of the mortgage crisis. These are the more exotic loans that were originated coming back to roost. They include Interest Only Loans, Pick-a-Payment Loans, Alt-A, Option ARM’s and the like. These loans and their resetting interest rates will carry this wave through 2012 to 2013.
2. The public is getting a greater consciousness about their options and how a Short Sale can limit the impact of a foreclosure, allowing them to sell even when they owe more than the house is worth.
We here at S & G Real Estate specialize in helping homeowners in Des Moines, who are facing foreclosure. We are experts at negotiating successful short sales with your lender. We also buy houses, so we can get you an offer today. If you are facing foreclosure, and would like to see whether you can qualify for a short sale on your home, please don’t wait any longer. Email us at sandgrealestate@gmail.com
