Friday, April 17, 2009
Out of the 35 CLOSINGS in March, 14 were in the $200,000 to $300,000 price range. Out of those 14, ONLY 1 was a "Short Sale"!
What does that mean?
It is my professional opinion that we are in the "trough" between "waves" of foreclosures. The CLOSINGS in March were the result of CONTRACTS signed in December and January. With the new, Obama Administration, the "freeze" on foreclosures, "loan modifications" and "Housing Recovery Legislation", we are experiencing a "stall" or "delay" in DISTRESSED SALES.
I applaud the optimism of the current administration but, when over half of the previous "loan modifications" resulted in default within 6 months, I have a difficult time believing, "things will be different this time around."
"Time will tell", as they say. We shall see if April, May and June (traditionally the peak selling season) bring CHANGE or more of the same?
Posted by Coldwell Banker Flanagan Realty at 8:45 AM