A bank owned/foreclosure home is one that the seller no longer owns – it has been taken over by the
lender(s) who had a note on the home. Short sales are homes where the seller is negotiating with the bank to “forgive” a portion of the debt in order to avoid foreclosure.
September statistics showed a significant increase – a 39% increase – in the number of sales that were foreclosure properties. There was a 30.5% decrease in short sales that closed, and 43.6% decrease in the number of “traditional” sales. Again, continue to monitor this whether you are a buyer OR seller, as it provides the information on trends in home sales that will impact your success.
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