How is the Sacramento real estate market doing? Is it getting better or worse? Are there more bank-owned sales right now than in recent years? There are so many indicators for the health of a real estate market, but let’s take a look at the percentage of bank-owned foreclosure sales (REO) vs. short sales. What do you see? What stands out to you? Any good news here?
* Data is based on Sacramento MLS for all single family detached properties in Sacramento.
People use to believe that Loan Modification is the single most effective way to save their house from foreclosure but loan modification what? so now people knows that they can do short sale.
That is really interesting data. And what clear trends! Unfortunately data like this is not available in my market, short sales are usually not marked as such and a significant number of REO properties are not marked as REO in my local MLS. It takes a lot longer to go through the data.
I know, it’s really good news for people looking to sell as a short sale. However, there are many short sales that still don’t make it. The bulk of listings are usually short sales, so despite their increasing success overall in the market, you have to consider that many did not end in success too.
Bryan, it’s too bad that your MLS does not have a separate category for “short sale” or “REO”. Sacramento MLS introduced this category within the past 2-3 years (I think in response to the need in the market). It comes in really handy to not have to pick through individual properties.