Are You Seeing a Slow Down in the Qty of Short Sales Coming In?

As NC Realtors, I list and process my own short sales, but I also process short sales of agents that belong to other agencies.  I do this under the short sale negotiating attorney they have retained to help their seller.

I am starting to see a decrease in the number of new short sales that I am bringing in, along with the number of short sales being brought in by others.  I am located in the Raleigh, Durham, Chapel Hill areas of NC.

Have you noticed a change?  If so, where are you geographically located?

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Permalink Reply by Wendy Rulnick on January 26, 2013 at 4:34am

Rodney - I have not noticed a slow down at all - I am in Northwest Florida. Our foreclosure notices (lis pendens here) were up 55% in 2012. There will be more in many states this year, since foreclosure filings are up overall.  Time to help more people!

Permalink Reply by Jeff Payne on January 26, 2013 at 7:24am

Lis Penden in one county east of Wendy are up 68%

Permalink Reply by Brett Goldsmith on January 26, 2013 at 12:51pm

Rodney,

      We have not noticed a slow down. We are at an all time high in business as a company.

310-564-6389

[email protected]

Permalink Reply by Kimberley Kelly on January 27, 2013 at 4:05am

Much lower numbers of short sale listings here in the Palm Springs Valley of California.  Not just me, but all short sale numbers across the valley.  We are  resort valley and sales are strong in standard, equity sales.  Palm Springs, La Quinta, Palm Desert, Indian Wells and Rancho Mirage all seem to be recovering well.

Permalink Reply by Michael Ackerman, CRS, SFR, on January 27, 2013 at 5:42am
Rodney,

As our economy in San Francisco is technology driven we are experiencing a housing shortage driving our prices to 2006 - 2007 levels before the crash. This means many homeowners who were underwater are realizing they can either sell or refinance to lower interest rates and they are doing so now!

In short - the short sale market in our better neighborhoods in SF are becoming a thing of the past. Of course the market is different in our southern neighborhoods like Bayview Hunters Point, Visitacion Valley, Portola and Oceanview that are still suffering. (Note: SF is only approximately 7 miles by 7 miles)

Now as I look across the Bay to Contra Costa, Solano and Alameda counties to name a few they are still severely affected and often the news media quotes the entire SF Bay Area - SMSA. The numbers have always been a bit 'skewed' and we all know real estate is local and all about location, location, location.

I'm just keeping my fingers crossed that our economy is a harbinger of the recovery for the rest of the nation and we can all say "I remember when..." and short sales become a thing of the past.

Good luck!
Permalink Reply by Thom Colby CA Brkr 888-391-5245 on January 27, 2013 at 6:05am

Southern CA - Short Sales are dwindling down.  Lately I've seen properties that would have been short sales a year ago are now becoming Equity Sales (barely, but equity just the same).  The market here is roaring back to life.  Multiple Offers and Offer above asking price - even though everyone knows they will not appraise.  We'll see how long this lasts.....

Permalink Reply by Judi Fiolle on January 27, 2013 at 6:28am

that is why we are putting in a clause that the buyer needs to pay the difference if property does not appraise now... stops the false offers.....we are not seeing a slow down out here in the San Joaquin valley of Northern Cal but I am starting to see more equity sales. we have almost no inventory...

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on January 27, 2013 at 8:09am

Good point Harry - I'm seeing Trustee Sales postponed again and again without requesting a postponement - especially in the Coachella Valley..

Permalink Reply by Fred Tenbrink on January 27, 2013 at 9:19am

In Northern California Napa county we have had 8 Notices of Default since the beginning of the year, which to me is an indicator of a slow down.

Permalink Reply by Smitty on January 27, 2013 at 1:36pm

No.  I haven't seen a slow down.  I read an article that foreclosures are down now but ss are up.  I'll try to find it and post back.

What I have noticed is the ease of sales has decreased.  My average time used to be 48 days from submission to completion.  It has increased a bit.

Permalink Reply by Denise Orrico on January 27, 2013 at 1:41pm

Here in Chicago at our relatively small family owned independent brokerage firm, we currently have EVERY short sale listing under contract w/ back up offers 2-3 fold...Never once saw that happen in the last 7 years we have been negotiating short sales! We always had a steady stream of short sale listings coming through at any given time but not during the last 3 months…Only 1 listing so far this year-  

On the flip-side, we are working more with investor-buyers, and end users which have given us much insight on what the market is doing on the buyer side…We consistently see that affordable housing is selling quickly and close to list price or even slightly higher than list due to multiple offers…

Illinois seems to follow the real estate market trends of both Nevada (Las Vegas area) and Arizona (Phoenix area)--If I want to know what’s ahead of us here in Chicago for short sale listings, I just read the real estate section of Forbes at http://www.forbes.com and see what home sales are like in their neck of the woods!...Anyone from the desert want to chime in?  

Permalink Reply by Tammy Davis on January 27, 2013 at 5:01pm

I am in Central California...we have seen a drastic reduction in short sales and foreclosure activity.

Our inventory is at a nearly all time low.

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