With rumors of a new wave of distressed properties about to hit nationally, RealEstate Business Intelligence (RBI) decided to take a closer look at the distressed housing story in the Mid-Atlantic region. The report is posted below for easy viewing, and more importantly, sharing with any customers engaged in the short sale market segment. While our DC Metro and Baltimore Metro reports have shown a consistent decline in the number of distressed sales over the course of this year, this report looks even deeper into what's happening within these segments. A few highlights:
23 of 45 jurisdictions saw a higher share of short sales compared to this time last year and 44 of 45 jurisdictions experienced a drop in the share of foreclosure sales.
The fallout rate for short sale contracts (47.9%) is significantly higher than for foreclosures (16.0%) or conventional sales (13.8%).
Once a contract is signed, it is taking short sales more than twice as long to settle as foreclosures or conventional sales.
Print the report, share via Twitter or embed it on your website using the links in the toolbar below. More importantly, read through the entire report so that you have a clear understanding of what's happening with the average distressed property and confidently set expectations with your buyers and sellers going forward!