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Pending Foreclosure Flood stymied by Short Sales?

Many housing market analysts agreed that there would be a flood of foreclosure filings following the $25 billion settlement between banks and states for the “robosigning debacle”, but the avalanche has yet to come.  Homes entering foreclosure ticked up in March 2012, but overall numbers remain 30% lower than a year ago and many suspect it is because more lenders are electing to accept short sales.  Short sales are when a mortgage holder and lender agree that the borrower can sell the home and pass the earnings to the bank in return for the unpaid portion of the loan to be discharged. For more on this continue reading the following article from TheStreet.

In the Atlanta area, the amount of distressed sales, which include short sales, foreclosures, and in my personal opinion – new homes built on foreclosed lots; the percentage of these sales to the total sales has been around 50% for a long time.   I don’t expect that to change for the year, but this Spring 2012 has seen a dip at least, causing an actual Seller’s or Balanced market in some area, including North Fulton County (Alpharetta), Forsyth County (Cumming) and EastCobb County (Marietta).  Inside that 50%, I am seeing that foreclosure percentages seem to be dropping and short sales percentages seem to be increasing.  As always, we’ll only know after it all happens.