Short sales and foreclosure sales account for lowest sale levels since 2011. A recent report of September and Q3 2014 Residential and Foreclosure Sales shows the US residential properties sold at an estimated annual pace of 4,402,741 in September, a decrease of 1% since August and a decrease of 19% since last year. September was the 30th consecutive month where U.S. median home prices increased on an annual basis, and the 15 percent annual increase is the biggest annual percentage increase since October 2005. Short sales nationwide accounted for 3.8 percent of all sales in the third quarter, down from 4.2 percent of all sales in the second quarter and down from 4.7 percent of all sales in the third quarter of 2013 to the lowest level since the first quarter of 2011. Distressed properties sold 37 percent below non-distressed properties in September. The median sales price of a distressed residential property—in foreclosure or bank-owned when sold—was $130,000 nationwide in September, 37 percent below the median non-distressed sales price of $205,000.Even as the share of distressed sales decreases, the average discount on distressed properties continues to be substantial because the primary factors driving that discount are still in place. Distressed properties are typically in poor condition and have a highly motivated seller.
Bank of America says it will provide up to $30,000 in relocation assistance to delinquent borrowers who work with the bank to obtain a preapproved short-sale price before submitting purchase offers. In order to be eligible for the payments, short sales must be initiated by the end of this year and close by Sept. 26, 2013.
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A top real estate agent can help you navigate the short sale process and to be able to take full advantage of the various programs that are available. Sandra Meranda specializes in the St. Charles and St. Louis county home markets. Contact me for help with short sales or other relocation assistance.