Short sales increas in California and Florida

[Nick Gromicko]

Florida:

Short sales made up 73% of the pending sales last month in the core Orlando market, up from 64% a year ago, according to a report released Wednesday by the Orlando Regional Realtor Association. Sales of these "underwater" houses constituted about a third of the 1,950 closings that took place in November.

Sales of ordinary existing homes constituted about 40% of the market, while bank-owned properties made up about a 25% of the month's sales. Short-sale prices have also risen during the past year, from $99,000 in 2010 to $106,000.

California:

Short sales and foreclosures have dramatically increased in California too. Originally, foreclosures and short sales were occurring in the Inland Empire, Lancaster and N. Los Angeles County, but now they are moving south.

And about 1/3 of the short sales and the majority of foreclosures occurred in pricey neighborhoods north of Ventura Boulevard.

[Waqar Quraishi]

Its a buy, buy, buy. Too bad Rodney Dangerfield was not offered this opportunity.

[Christopher Currins]

It's sure not helping builders of new homes.

December 8, 2011 - One out of three builders are reporting losing signed sales contracts during the preceding six months because appraisals on their homes are less than the contract sales price, according to a recent nationwide survey conducted by the National Association of Home Builders (NAHB).

Too often, due to faulty appraisal practices, brand new homes with sparkling appliances and interior upgrades get compared to a distressed property that has been sitting vacant and in disrepair.


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[William C. Chandler]

there is a 7-9 month supply of new foreclosures in the pipeline for the central florida region. expected to hit the courts early 2012. poverty rate in central florida now over 40% of population. largest increase in homeless population is folks over 60. 1 out of every 4 children are homeless. public schools serve breakfast at 7 and lunch at 9:30; free meals account for 60% of meals served; 9:30am lunch is considered last meal of day for these kids. Florida legislature thinks the answer to this is to make homeowners pay $1932.00 if they intend to fight foreclosure, otherwise they are out without a court review; cut medicaid/medicare, cut corporate tax rate (less than 1% of any florida companies even pay income tax and none of our large employers pay anything), redistrict to protect Republican districts, cut teacher pay and increase hours, strip public employees of right to negotiate and in general, follow the Wisconsin governor's plan. Any state out there that may need a workforce, please send buses and bag lunches.

[William C. Chandler]

also, send dentists since there is little help for bad teeth/gums. if you can live long enough, the poor can get heart surgery but they just have to live with a toothache because dentists are too expensive.

[Tim Spargo]

Originally Posted by gromicko

California:

Short sales and foreclosures have dramatically increased in California too. Originally, foreclosures and short sales were occurring in the Inland Empire, Lancaster and N. Los Angeles County, but now they are moving south.

And about 1/3 of the short sales and the majority of foreclosures occurred in pricey neighborhoods north of Ventura Boulevard.

Yep... many of the Home Inspections I'm performing in the areas you mentioned are short sales. The short sales can have their own "challenges", but are moving nonetheless!