“40% of properties sold were foreclosures and short sales!”
But why? The real estate market is not all gloom and doom.
There were 430 residential units sold during February 2012.
The average selling price of all residential properties sold during February was almost $133,000. The average selling price of the “regular” sales only was about $157,000.
Now for the "distressed" residential sales....
Of the 430 residential sales 98 (22.7%) were short sales and another 74 (17.2%) were foreclosures. These sales classifications represent different proeprties (condition, circumstances of sale, etc.) and is reflected in their average selling prices - $108,775 (short sales) and $79,616 (foreclosures).