NAR reported early Monday that distressed sales nationwide increased to 39% of all existing purchase transactions in February. The median sale price is hurt by this type of sale, as well as the number of cash transactions that took during the month. The median sale fell 5.2% compared to one year ago to $156,000, NAR said.
NAR determined it will take 29 months to clear shadow inventory in Florida, 11 months to clear in California, 34 months to clear in New York, seven months to clear in Nevada and only nine months to clear in Arizona!
"This is largely due to their shadow inventory moving somewhat faster through the pipelines and comprising larger share of existing sales," NAR said. Distressed sales comprised 69% of existing home sales in Nevada in the fourth quarter of 2010 and 55% in Arizona.
For more info:
THE EZ TEAM!
Or call Susan Z Hernandez, Realtor 480-600-9930
or Mary E Eliott, Realtor 480-518-7831
or
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