Increased levels of short sales provides potential for homebuyers in Phoenix
For potential homebuyers combing through the MLS listings in Phoenix, there is some good news – an increase in short sales. The firm Lender Processing Services Inc. stated that the number of U.S. short sales surpassed foreclosure rates for the first time, according to Bloomberg.
The news source reports that in January 2012, short sales accounted for 23.9 percent of all home purchases in the nation, a much greater amount than the 19.7 percent of homes sold as foreclosure resales. However, the Phoenix-metro market defied this trend, as short sales made up 15.8 percent of January’s resale activity, according to real estate analytics firm DataQuick. Meanwhile, foreclosure resales accounted for 36.3 percent of activity.
Both foreclosure resales and short sales offer homebuyers an opportunity to obtain a house for a discounted price. In short sales, current homeowners are often anxious to get out from under their mortgage. In addition, some lenders prefer some form of payment coming in on a property from a short sale than suffering the upkeep costs associated with a typical foreclosure.
Search the MLS listings in Phoenix to find quality homes at discounted prices that are poised to sell quickly.