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More Banks Choosing Short Sales Over Foreclosures

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(Sacramento, CA)
Wednesday, May 30, 2012

Darren Blomquist with Realty Trac says the types of sales are changing: from mostly bank-owned properties to short sales.

BLOMQUIST:   "We saw in California a 35% year-over-year increase in those pre-foreclosure shorts sales. So, that's one of the major trends that we're seeing -and for buyers to look out for- is that banks are much more aggressive about approving short sales. So, there's probably going to be more of those available."

California led the nation in total number of foreclosed home sales and was second only to Nevada in the percentage of homes sold at some stage of foreclosure.  

In California.  More than 62 thousand homes sold in California in the first three months of this year are either bank-owned or short sales.  That was nearly half of the total number sold.

The number of homes sold at some stage of the foreclosure process in the Central Valley has leveled off.

According to the foreclosure service, Realty Trac, the number of homes in default that were sold in Sacramento was down one percent compared to the first quarter of last year.  San Joaquin County was up by only half a percent.  But Placer, Nevada, and Eldorado counties saw double digit increases.

 Click here for a link to more information from RealtyTrac
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