Foreclosure sales have dropped! “Distressed” sales accounted for just 11% of sales in June, down from 15% last year, 25% in 2012, and 30% in 2011.
This is great news for homeowners because foreclosures tend to sell at lower prices than other comparable homes. Foreclosed homes are usually not as well maintained and they’re often vacant and not staged. Banks are motivated to sell them off quickly.
Home prices rebounded as the share of foreclosed home sales fell.
Please contact Joan Bang for your initial consultation to review your real estate goals at (213) 675-3289 or by email at Joan.Bang@dilbeck.com.