The sale of homes in the foreclosure process changed during the first quarter of this year, according to RealtyTrac. Data suggests that the sale of homes that were in the process of foreclosure was up as much as 25% during the first quarter of 2012 as compared to the first quarter of 2011. At the same time, foreclosures fell about 15%.
Specifically, 233,299 homes sold while they were in the foreclosure process during the first three months of 2012. That figure allegedly represents 26% of all home sales during the first quarter of this year. This is the highest percentage of short sales since the third quarter of 2010, when homes sold while in the foreclosure process represented 28% of all home sales.
News of the increase in short sales and the decrease in foreclosures reportedly indicates two things. First, it is said to indicate that property values may not rebound for some time, as short sales (and foreclosures) continue to drive down the price of real estate in Minnesota and across the nation. Properties that are sold while in the foreclosure process reportedly sell for about 27% less than comparable properties on the market. Second, it may indicate that banks are more willing to have a property sold at a loss through a short sale rather than wait to go through the foreclosure process.
Our Minneapolis foreclosure lawyers hope that anyone who is facing a foreclosure or short sale comes to a fair and equitable resolution to the problem.