Orlando Real Estate - Blog

As bargain sales of distressed homes soar, financially healthy sellers may need to slash prices to compete.

Is real estate cheap yet - or is it still expensive?

Maybe it's both.

The latest data from the National Association of Realtors, which rattled nerves on Wall Street this week, showed national home sales are still weak. But they also showed how home sellers nationwide have split into two camps.

Call them "the haves" and the "don't haves." As in: Those who have to sell, and those who don't have to.

The haves are the distressed sales. These include those in foreclosure, and those in pre-foreclosure "short sales." Such sales are now booming - at bargain prices.

On the other hand, those who don't have to sell are often hanging on to 2006 prices. And they are hanging on to their homes.

Prices aren't dropping. And homes aren't selling.

This could be ominous. It suggests - though it does not prove - that another shoe could be about to drop in real estate, as those who don't have to sell realize they need to compete more aggressively with those who do.

The latest housing numbers tell a story.

According to the Realtors, there were 360,000 second-hand (aka "existing") home sales last month. As the headlines noted, that was down about from a year ago, when sales were 375,000.

But remarkably, distressed sales - foreclosures plus short sales -- now account for more than half of all turnover nationwide.The figure was 53% in March.

"This is the first month that has gone over 50%," says Realtors association spokesman Walter Molony. "It was stable for five months at about 45%."

That means March saw about 190,000 forced sales. No wonder prices are in free fall. complete story

Source: Wall Street Journal - Brett Arends 

Posted by Orlando Realty Experts on April 27th, 2009 10:47 PMPost a Comment (0)
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