hglenbetts
Senior Member
- Joined
- Dec 3, 2007
- Professional Status
- Certified Residential Appraiser
- State
- Michigan
Southeast Michigan, in the outer suburbs, REOs are impacting values, but we still have a "healthy" traditional resale market. Values in traditional sales are 10-18% below a year ago. I feel this is heavily driven by the REO market at 50-60% traditional, year ago market values.
Short sale listings, for the most part, have become pre-foreclosure marketing periods. The banks screw around so long with offers that come in, the buyer leaves to buy something else. If the banks could just get their act together, the short sales would be closing at a much higher sales price, without the cost of reclaiming the property from the seller.
FYA: For purpose of this post, a "Traditional" sale is one where the seller is an actual owner who is not under the duress of loosing their home. Remember those??
Short sale listings, for the most part, have become pre-foreclosure marketing periods. The banks screw around so long with offers that come in, the buyer leaves to buy something else. If the banks could just get their act together, the short sales would be closing at a much higher sales price, without the cost of reclaiming the property from the seller.
FYA: For purpose of this post, a "Traditional" sale is one where the seller is an actual owner who is not under the duress of loosing their home. Remember those??