What Proportion of Properties For Sale Are Short Sales Or Bank-Owned?
June 5th, 2009 by Rachel PritchettBloggers,
My best estimate is between 10 percent and 11 percent of properties currently for sale in Kitsap County are short sales or bank owned. I got that number working with Gary Marcy of Re/max Platinum Services of Silverdale, who pulled some data off the Northwest Multiple Listing Service. Since then, I’ve run that estimate past several Realtors, and they say this seems right. I would have guessed much higher. Thank you, Gary, for your help to arrive at this figure yesterday.
Rachel Pritchett
Scripps Interactive Newspapers Group
June 5th, 2009 at 1:35 pm
I understand that short sales mean the house is selling for less than the mortgage on it, but another phenomenon is somewhat different. The house across the street from me is listed at less than it actually cost to build. The builder’s payoff to the bank was well over $1 million. The house started out listing for $1.289 million and has dropped in several increments to $900,000. How does this issue figure into real estate these days?