We're finally getting data to assess the short sale process end-to-end, since the field only became available in the MLS in April. I took a look at short sales as a percentage of all house sales for King, Pierce, and Snohomish counties, along with the average cumulative days on market (CDOM).
The rise in September is partly due to wider adoption of the short sale field in MLS, but also reflects a greater number actually closing, as opposed to falling into foreclosure.
It's critical to our recovery to get the short sale process working--getting CDOM under 100 days would mean the banks have the infrastructure and desire to get short sales sold, rather than let them slide into foreclosure. It's a win-win, as the distressed seller can move on, the house sells closer to full market value, and the toxic mortgage often linked to the property is cleared off the lender's books.
[Required disclosure out of the way: although these data come entirely from Northwest MLS, "Statistics not compiled or published by the Northwest Multiple Listing Service"]
Posts
No comments:
Post a Comment