Today I came across a story on a report that has surfaced from RealtyTrac. This company basically gathers information on all types of real estate related items, and specifically focuses on foreclosures. RealtyTrac has stated that home foreclosure short sales are on the rise. It appears that apparently, the banks are finally willing to budge a bit on the offers they will accept on their foreclosed properties.
I personally find this ironic, as these same banks are specifically responsible for the housing collapse in the first place. I guess it wasn’t enough that they took the billions in bailout money and stuffed it in their back pockets, so they had to squeeze every last penny out of the hard working Americans looking to buy these homes. I know it’s not that simple, and just like any other business, the banks need to make smart business decisions….which I guess starts now?
All in all, it’s great news for those facing foreclosure, as it gives them a better opportunity to avoid it. It’s also excellent for the housing market as a whole. Clearing out these bad mortgages and distressed properties will hopefully lead to the housing market eventually getting back on track, and we can start seeing some healthier home prices.
You can read the full story with all the facts and numbers at Bloomberg.com.
Citations for this post:
- RealtyTrac Staff, Short Sales Soar in Second Quarter, 08/23/2011
