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  • Updates on Distressed homes...

    Monday, October 21, 2013   /   by Jessica Deubner

    Updates on Distressed homes...


    Distressed         housing market share dropping


    (10/22/13) As the         seasons transition, so too does the marketplace. New listings rose 20.1         percent since Q3-2012 for traditional homes but fell 21.8 percent for         lender-mediated properties. Traditional home closed sales rose 27.0         percent while lender-mediated sales fell 0.7 percent compared to 2012.
            That mix of activity has brought the percentage of all new listings         that were lender-mediated down to 17.1 percent and the percentage of         all closed sales that were lender-mediated down to 20.9 percent         according to the 3Q-2013 Lender-Mediated Properties Report from         Columbus REALTORS®.
            A property is considered to be “lender-mediated” if it is listed as         bank-owned/REO, HUD, short sale, VA, or foreclosure.
            “Both sales and new listings show a decrease in market share from last         year,” said Chris Pedon, Columbus REALTORS® 2013 president. “The share         of distressed homes is down 17.4 percent, and the share of new listings         is down 29 percent from one year ago.”
            Since traditional properties are selling at a median price of $175,000         and make up a growing share of the overall pie, market-wide prices are         firming up. The overall median home price was up 5.1 percent to         $154,500 since Q3 2012.
            Full report