Interest in short sales declining as home prices rise | Think Realty | A Real Estate of Mind

Interest in short sales declining as home prices rise

RealtyTrac’s latest report shows a decline in the number of short sales in October as a method of selling distressed property to real estate investors as banks move back to using foreclosure auction sales and bank-owned sales.

Short sales represented only 5.3% of all sales down from 6.3% the previous month and down from 11.2% in October of 2012.

Rising home prices in many markets are the reason.

“After a surge in short sales in late 2011 and early 2012, the favored disposition method for distressed

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properties is shifting back toward the more traditional foreclosure auction sales and bank-owned sales,” said Daren Blomquist,vice president at RealtyTrac. “The combination of rapidly rising home prices — along with strong demand from institutional investors and other cash buyers able to buy at the public foreclosure auction or an as-is REO home — means short sales are becoming less favorable for lenders.”

Cash sales represented 44.2% of all residential sales in October, down from 45% in September.

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