A Changed Market: Short Sales and REOs
An In-Depth Look at Distressed-Property Trends
41 pages
Get a Handle on the REO/Short Sale Marketplace.
The downturn in the U.S. housing market and economy as a whole has multiplied price declines and foreclosures in markets across the country, with particular concentrations in some of the same areas that experienced wildly accelerating price increases and sales during the boom years.
Inman News surveyed over 500 real estate professionals in May 2009 to gauge market trends for distressed properties, including short-sale properties and bank-owned (also known as real estate-owned or REO) properties.
Inman News analyzes the results of this survey in "A Changed Market: Short Sales and REOs: An In-Depth Look at Distressed-Property Trends," a 41-page report.
The survey notes a rising tide of REO sales, with 27 percent of respondents stating that REO sales accounted for over 40 percent of all sales in their market area as of April 2009. And about 31 percent of respondents said they expect REO sales to grow 10-25 percent in 2010.
Among the survey findings and revelations:
- A comparison of the selling price of REOs and short sales to the selling price of non-distressed properties
- A comparison of listing agent and buyer agent commission rates for short sales, REO sales and non-distressed-property sales
- An examination of the volume of short-sale and REO listings and sales in May 2009 and April 2009, as well as year-over-year comparisons with 2008 and expectations for the full year in 2009 and in 2010.
- A comparison of failure rates, response times for offers, and average days on market for short sales, REO sales and the overall market, and an exploration of the most common reasons for the failure of pending short-sale and REO transactions.
And More!
View a summary and the full list of survey questions HERE.
For questions about the case study and additional information, please contact Elaine Baker: elaine@inman.com or by calling (800) 775-4662, ext. 128.
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