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November 14th, 2008 4:12 PM by David W. Welch
These are numbers you probably won't see anywhere else. One reason is that there is a degree of inconsistency with how distressed properties are being identified in the MLS. I have been to homes that are identified as pre-foreclosure, but in fact they are already bank owned. I have also been to short sales that do not have the pre-foreclosure or in foreclosure status box checked in the MLS. I say all this to qualify the numbers I am about to share. However, I will also say that even if these numbers are not the most accurate, I do believe them to be representative of what I am experiencing in the market.
First, while there are 6,398 properties in one of the three categories I described above, only about 1/3 are bank owned meaning 2/3 are probably in short sale situations. Second, out of the 1,659 distressed properties with contracts pending 55% are bank owned properties. Third, of the 462 distressed properties that closed in October 77% were bank owned. In raw numbers, there were 1,214 closed sales in October with 354 bank owned properties closing and only 108 short sales closing. Those numbers represent 29% and 9% of the closed sales respectively.
David Welch, Orlando Real Estate Blog