“Short sales are returning to pre-crisis levels,” said Richard Eastern, CEO of Washington Property Solutions,
Bellevue, WA (PRWEB) January 28, 2014
Closed short sales in King County fell to 11 percent of overall sales in 2013, according to the Washington Property Solutions 4th Quarter Short Sale Statistics Report released today. That figure is down from 15 percent of overall sales in 2012.
“Short sales are returning to pre-crisis levels,” said Richard Eastern, CEO of Washington Property Solutions, a real estate firm specializing in short sales. “Rather than bad loans, the catalyst for most short sales we saw this past year were common hardships, such as divorce, serious illness, loss of work or job relocation."
The Washington Property Solutions 2013 4th Quarter Short Sale Statistics Report also saw the percentage of REO sales ("real estate owned" properties owned by the lender) decline during the same period. REOs fell from 14 percent of overall sales in 2012 to 8 percent of overall sales in 2013.
The subprime mortgage crisis led to a sharp increase in distressed property sales starting in 2009 as homeowners found themselves unable to pay their mortgages. After peaking in early 2012, distressed property sales have steadily declined. Most of the homeowners affected by the crisis have already worked through a resolution, which included short sale or foreclosure. Changes in lending practices have also added to the decline by decreasing the chances that new borrowers will lose their home.
About Washington Property Solutions
Washington Property Solutions is a real estate firm specializing in short sales based in Bellevue, Washington. Founded in 2003, the company has helped brokers and homeowners successfully negotiate over 1000 short sales. Washington Property Solutions also consults with homeowners on qualification for the Home Affordable Foreclosure Alternatives (HAFA) process and the Washington State Mortgage Foreclosure Fairness Act (FFA). Washington Property Solutions negotiators are licensed Windermere Real Estate brokers.
For more information, visit washortsales.com
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