Foreclosures take heavy toll on home prices but bargain hunters are re-entering worst-hit markets.
“A very large proportion of distressed home sales are taking place at discounted prices compared to more normal conditions a year ago,” said NAR President Charles McMillan.
Short sales are prior to the bank taking posession of a home. As a Realtor in the Tampa, Fl Market, I am noticing a large difference between pricing of short sales and bank owned (foreclosures), with the bank owned being a better deal.
My speculation is that the bank owned properties will be sold faster due to the price difference. We are noticing that people are realizing that there are so many great deals, that the interest levels and sales have picked up. It’s important NOT to compare the national market to our housing market. The Tampa Bay area, is number 2 in the Nation for foreclosures!