Source: Jacksonville Business Journal, October 21, 2010
NORTHEAST FLORIDA ” Bank-halted foreclosures and the nationwide probe into the validity of bank documents could mean an upswing in traditional sales of seller-owned properties, area real estate agents say.
Sales of foreclosed properties, or real estate-owned, known as REO, properties, accounted for 51.4 percent of all Northeast Florida residential sales in August, according to the Northeast Florida Association of Realtors. Earlier this week, Bank of America and GMAC Mortgage said they would restart home foreclosures after not finding problems in their procedures.
Restarting the foreclosures can only help real estate, said Sean Snaith, director of the University of Central Florida™s Institute for Economic Competitiveness. The foreclosure moratorium was œdelay[ing] the ultimate recovery of the housing market and pushing the pain into the future by delaying reabsorption of the foreclosed homes back into the market.
But with a cloud of uncertainty still hanging over foreclosed properties, some real estate agents said they were turning clients™ attention to seller-owned and brand new homes instead. …
Although the price of a seller-owned property may be far less than what it once was, it™s still considerably more than a foreclosed property or one that™s sold via short sale. NEFAR reported Oct. 12 that the average median price of seller-owned properties in the area was $180,000 in September, when the average median price of lender-mediated home sales was $84,000. …
Read the full article @ Jacksonville Business Journal.
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