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January 18th, 2008 11:24 AM by David W. Welch
Three weeks in to 2008 and I am working on my third contract. Two of the three are dealing with short sales and foreclosures. I am showing a home for the second time to a couple I have been working with, and it too is a short sale situation. My business is not built around foreclosures or short sales, but they are certainly impacting me right now.
So far, pre-foreclosure, foreclosure, short sale and otherwise distress situations amount to just over 10% of the Orlando real estate market. According to the MLS there are 26,495 active listings as of this morning with 2,877 advertised as pre-foreclosure, foreclosure or bank owned. The good news is that the pending sales continue to rise with 1,634 properties under contract.