Foreclosures Selling almost Three Times as Frequently as Short Sales
RISMEDIA, October 19, 2009—Lender-owned foreclosure inventory available for sale in the Twin Cities is down 60% from last year, falling from an estimated 4,886 at the end of last September to 1,960 this September. Short sales are a different story—basically holding steady over the last 12 months.
The simple reason for this growing chasm is that foreclosures are selling roughly three times as frequently as short sales. Many consumers have reported considerable delays and uncertainties associated with making an offer on a short sale home. These complications are likely the main cause of the relatively quiet sales activity.
“It’s extremely important for lenders to become more flexible to move short sale inventory through the system,” said Steve Havig, 2009 President of the Minneapolis Area Association of Realtors®.
With heavy demand and dwindling inventories, there is only 1.5 months of lender-owned foreclosure supply remaining. Conversely, there is currently 13.9 months of short sale inventory available. A balanced market between buyers and sellers should have 5 or 6 months of supply.
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