Distressed salesThe Danville distressed real estate market is waning quickly. The number of bank owned properties has decreased more than 60 percent over last year as many of these would be foreclosed properties are getting cancelled either because of a loan modification or a successful short sale.

While many people think that bank owned properties and short sales are greatly discounted the ratio of list to sales price is 99% – these properties on average are selling at 99% of the list price.There are still some “deals” to be had, but not like it was a few years ago.

There was a total of 312 home sales in Danville thru May 2013 or which 39 were distressed sales, 9 bank owned and 30 short sales.  This is down 60% compared to 2012 for the same time period.

Foreclosure Filings April 2013

Foreclosure Outcomes April 2013

Per the data posted from Foreclosure Radar, we are seeing more and more cancellations of the Trustee Sale. There will always be distressed sales in any housing market yet hopefully not like we have seen in the past few years.

About Linda Urbick Linda

has written 261 articles on this blog.

Filed under: Real Estate

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