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Thursday, August 25, 2011

Are the banks OK with losing an additional 20% on foreclosures?

Just read an article that states foreclosures made up about one-third (31%) of all home sales in the second quarter.

That 31% reflects homes in the foreclosure process and foreclosed properties.  The article states 19% of all sales were bank owned.

The most significant issue pointed out in the article was bank owned homes sold for 40% less that the average price of other homes while short sales sold for about 21% less.

I am no expert but it seems the banks are giving away about 20% by not calling owners in default and suggesting a short sale!   Make up your mind for yourself though. Read the article.

If you own a home in Brevard County and are facing challenges making your mortgage payment due to a real hardship, maybe a short sale should be considered.

Drop me an email or give me a call at 321-693-3850.

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