Are you seeing the same in the Chelmsford, Lowell, Dracut neighborhood?
The number of U.S. home short sales surpassed foreclosure deals for the first time as banks became more agreeable to selling houses for less than the amount owed on their mortgages, according to Lender Processing Services Inc. (LPS)
Short sales accounted for 23.9 percent of home purchases in January, the most recent month available, compared with 19.7 percent for sales of foreclosed homes, data compiled by the Jacksonville, Florida-based company show. A year earlier, 16.3 percent of transactions were short sales and 24.9 percent involved foreclosures. More from Bloomberg
Some questions on short sales
Is a short sale appropriate for you? Contact me to clarify your situation and to understand the conditions of a short sale and the best path forward for you.
What is in it for the lender? The Lender may recover more value from the home through a short sale. In January of 2011 foreclosed homes sold for an average of 29 percent less than comparable non-distressed properties, compared with a 23 percent discount for short sales, according to Lender Processing Services.
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