According to the National Association of Realtors over the past 4 months a large percentage of the overall number of sales have been either bank owned foreclosures or they have been short sales.
Here are the numbers:
- 40% of total sales in March were distressed properties
- 37% of total sales in April were distressed properties
- 31% of total sales in May were distressed properties
- 30% of total sales in June were distressed properties
These same trends have been true for Northern Virginia.
While it is a good sign to see some of these distressed properties been consumed by the market, the question still remains as to how many total distressed properties there are in shadow inventory that the banks are still holding and are waiting to release to the market place and also how many more home owners are going to be faced with completing a short sale.
The key to buying a distressed property in Northern Virginia is finding out about the listings before other buyers get a chance to see them.
More Information on: Distressed Properties make up a large percentage of sales
The Earl of Real Estate™ Team
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