What percent of homes sales in California represent distressed sales:50%!
I know everyone hates dealing with short sales and REOs. The common complaints are that they take way too long and are too uncertain. Buyers try to avoid them, but that is not becoming possible now. Look at the new data, distressed properties represent 50% of all sales in California.
This trend will increase rather than decrease because of what is coming down the road. Starting next month (scheduled for April 5, 2010), distressed homeowners and their lenders may start receiving financial incentives if they agree to a short sale. The Federal Government has come to the conclusion, if you cannot qualify for a loan modification through HAMP, then the next logical step they encourage is a short sale through HAFA. Starting next month, those same homeowners and their lenders may start receiving financial incentives if they agree to a short sale.
