Foreclosures-Shortsales

Foreclosures and short sales — when a lender agrees to sell for less than what is owed on a mortgage — made up about 30 percent of all home sales last month, up from about 10 percent in past years. And a wave of foreclosures are being held up, either by backlogged courts or lenders awaiting state and federal probes into troubled foreclosure practices.

Investors have targeted foreclosures and other deeply discounted properties. They accounted for 19 percent of sales in June.

The median sales price jumped nearly 9 percent in June from May, to $184,300. It was mainly because of seasonal factors that led to a big increase in prices in the Northeast and West.

Sales were uneven across the country. In May, sales rose 0.5 percent in the West and 1 percent in the Midwest and fell 1.7 percent in the South and 5.2 percent in the Northeast.

The glut of unsold homes rose slightly in June to 3.77 million homes. At last month’s sales pace, it would take 9.5 months to clear those homes. Analysts say a healthy supply can be cleared in six months.

Just another real estate avenue for the savvy investor!

*God Speed*

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