An informative article today on the USA Today website. It reports on what we've been seeing in the market. In an effort to decrease the number of Colorado Bank Owned Homes, many banks are increasing the number of short sales they are approving. Denver short sales are benefiting from this trend.
This help in several ways: 1.) It allows the homeowner to avoid the huge negative financial impact of a foreclosure. 2.) It helps the overall local market by preventing a foreclosure from severely decreasing property values (although a short sale still hurts) and 3.) It usually costs the banks less than going forward with foreclosures proceeding and property maintenance while they market the property for sale.
Short sales — when lenders allow financially strapped borrowers to sell homes for less than their unpaid mortgage — accounted for 12% of home sales nationwide in the second quarter. That's up from 10% in the same period last year, says researcher RealtyTrac.
The increases were sharper in some states, including California, Nevada, Michigan, Georgia and Colorado, the data show.
In Colorado, short sales were 17% of all sales in the second quarter, up from 10% a year earlier. In California, they made up 25% of sales, vs. 18%.
If your interested in pursuing a Short Sale - either as a buyer or a seller, give our team of experts a call at 303-726-1874.
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