One of the realtors around here is calculating distressed properties

[petmoosie]

Of the 13 active listings in our area, 7 are "distressed". Distressed means foreclosure, bank-owned, short sales and subject to 3rd-party approval. A few of the recent sales are down 29-34% from the previous transaction in May or August of 2006 (alright, only two sales were analyzed in this way).

I hope that the families involved were able to start over. There is a lot of possible tragedy in those numbers.

Comments

[wendyzski.livejournal.com]

I was originally conflicted about buying a short sale property - was I profiting from someone's misfortune? But after I thought about it, I realized that at least in a short sale situation I'm actually helping them. They needed OUT from under the mortgage, and with the short sale while they walk away with pretty much nothing to show for their 3 years of ownership, at least they don't still owe and their credit isn't damaged by it. If I hadn't gone though with the sale, the place was going to be foreclosed on the following Friday.

[petmoosie.livejournal.com]

Yeah, well, this analysis didn't separate out those things, foreclosures vs. short sales.