There’s a lot of information about distressed properties out there from a variety of different sources. That’s why RBI came up with the first-of-its-kind Distressed Properties Report to condense – and translate - median sale prices, new contracts versus pending contracts on the market and the region-specific shift between short sales and foreclosure sales for the last six months. So what does that all mean? This reports helps document the accelerated recovery of the Mid-Atlantic housing market.
A copy of the Mid-Year Distressed Properties Report is available for download here as well as embedded below. The data is compiled and distributed in conjunction with MRIS’ data and analytics subsidiary, RealEstate Business Intelligence (RBI) and the Center for Regional Analysis at George Mason University. Click here to view the official press release.
- Over half (23 of 45) the jurisdictions saw a higher share of short sale transactions compared to this time last year.
- 44 of 45 jurisdictions experienced a drop in the proportional share of foreclosure sales
- YTD June 2012 distressed sales are 22% below the YTD June 2011 level, likely due to the moratorium placed on foreclosures in 2011, which lowered supply.
- The fallout rate of 47.9% for short sale contracts is significantly higher than for foreclosures (16.0%) or conventional sales (13.8%).
- Once a contract is signed, short sales take more than twice as long to settle as foreclosures or conventional sales.