Short sales shot up 19
percent between the first and second quarters, with 102,407 transactions completed
during the April-to-June period, according to RealtyTrac.
Over the same time-frame, a total of 162,680 bank-owned REO homes sold to third parties, virtually unchanged from the first quarter.
RealtyTrac’s study also found that the time to complete a short sale is down, while the time it takes to sell an REO has increased.
Pre-foreclosure short sales took an average of 245 days to sell after receiving the initial foreclosure notice during the second quarter, RealtyTrac says. That’s down from an average of 256 days in the first quarter and follows three straight quarters in which the sales cycle has increased.
REOs that sold in the second quarter took an average of 178 days to sell after the foreclosure process was completed, which itself has been lengthening across the country. The REO sales cycle in Q2 increased slightly from 176 days in the first quarter, and is up from 164 days in the second quarter of 2010.
Discounts on both short sales and REOs increased last quarter, according to RealtyTrac’s study, but homes sold pre-foreclosure carried less of a markdown when compared to non-distressed homes.
Over the same time-frame, a total of 162,680 bank-owned REO homes sold to third parties, virtually unchanged from the first quarter.
RealtyTrac’s study also found that the time to complete a short sale is down, while the time it takes to sell an REO has increased.
Pre-foreclosure short sales took an average of 245 days to sell after receiving the initial foreclosure notice during the second quarter, RealtyTrac says. That’s down from an average of 256 days in the first quarter and follows three straight quarters in which the sales cycle has increased.
REOs that sold in the second quarter took an average of 178 days to sell after the foreclosure process was completed, which itself has been lengthening across the country. The REO sales cycle in Q2 increased slightly from 176 days in the first quarter, and is up from 164 days in the second quarter of 2010.
Discounts on both short sales and REOs increased last quarter, according to RealtyTrac’s study, but homes sold pre-foreclosure carried less of a markdown when compared to non-distressed homes.
Sales of homes in default or scheduled for auction prior to the completion of
foreclosure had an average sales price nationwide of $192,129, a discount of 21
percent below the average sales price of non-foreclosure homes. The short sale
price-cut is up from a 17 percent discount in the previous quarter and a 14
percent discount in the second quarter of 2010.
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