State of Foreclosures and Short Sales

September 7th, 2010 | by: SM Sold | Posted in : Real Estate News

Although the real estate market appears to be slowing down in general, it has created a new market of short sales and foreclosures. In 2007, it was rare to find a realtor specializing in short sales and foreclosures. Fast forward to 2010 and you can find many agents who have experience in this field. Why the shift in the real estate market? Real estate agents in the luxury estates field have found it increasingly more difficult to sell the mansions or luxury property, thus turning to foreclosures and short sales.

        Nevada is just one of the several states that have been affected by slow growth in the real estate market. Roughly one in every 82 housing units has received foreclosure filings in just Nevada alone. The United States as a whole has had one in every 397 homes receiving foreclosure filing in July. California and Florida account for 37% of the nation’s total foreclosure. According to CNBC, July was the 17^th consecutive month when foreclosure activity has exceeded 300,000. During that period about 97,123 U.S. properties have received default notices during that period. These statistics may come to a shock to many, but these foreclosures have created a new market in the real estate business.

        Real estate agents have learned to adjust given the current state of the real estate market. Not only has short sales help realtors survive the slowing market but also new technology has proven to be useful as well. With the ever-changing market the only way to survive is to adapt.