Posted on July 18, 2012 by Corey Hart
Jul

18

2012

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!

 

 

Comments: 1 |
Posted on June 28, 2012 by Corey Hart
Jun

28

2012

 

Posted on June 28, 2012 by Corey Hart
Jun

28

2012
 
Posted on April 24, 2012 by Corey Hart
Apr

24

2012

At the risk of coming off like a broken record, ALL real estate, including stats, is LOCAL. Here's another post highlighting how critical it is that local real estate professionals provide local context to combat buyer/seller preconceptions of their local market biased by national market headlines. Last night the PBS News Hour aired the first of a series of reports summarizing the national real estate market (worth watching to see what's happening across the country). DSNews.com published an article we stumbled across on the Twitterverse summarizing the distressed composition of the national market and the impact on pricing - Survey: High Share of Distressed Properties Keeps Prices Down

The article cites stats from a variety of sources, including national surveys and national data aggregators.  We don't dispute the conclusions drawn or trends outlined, but are they entirely relevant to YOUR market? Below we've included a few snippets from the article juxtaposed with how they'd read for one of our local regions. Any RBI customer can dive into stats like those below to see how any of the 59 counties stack up against national trends, but for purposes of illustration we'll use the Northern Virginia region.

National: "Over the past six months, the proportion of short sale transactions in the housing market increased from 17.8 percent to 19.9 percent". 

  • Northern Virginia: Over the past six months, the proportion of short sale transactions in the housing market decreased from 13.3 percent to 11.5 percent.

 

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