Bank Owned Properties and Short Sale Inventory is shrinking away in most US home markets. The latest numbers show the 5 markets the are bucking that trend. 

 

In October 2015, 8.1 percent of all sales were bank-owned (REO) single family homes and condos. This was unchanged from the previous month but down from 10.6 percent of all sales in October 2014. The October median sales price of a bank-owned home was $121,000, 42 percent lower than the overall median home sales price during the month.

Metros with the highest share of REO sales in October 2015 were East Stroudsburg, Pennsylvania (31.7 percent), Bakersfield, California (25.5 percent), California, Maryland (24.5 percent), Tallahassee, Florida (20.3 percent) and Jacksonville, Florida (19.0 percent).

Short sales decrease month over month and year over year

Short sales accounted for 5.2 percent of all single family and condo sales in October, unchanged from the 5.2 percent in the previous month but down from 5.5 percent a year ago.

Markets with the highest share of short sales in October were Salisbury, Maryland (13.5 percent), Torrington, Connecticut (12.6 percent), Atlantic City, New Jersey (12.6 percent), Yuma, Arizona (11.0 percent), Jacksonville, North Carolina (10.8 percent) and Providence, Rhode Island (10.2 percent).

Markets bucking the national trend with a year-over-year increase in share of short sales included Springfield, Massachusetts, Ocala, Florida, Worcester, Massachusetts, Baton Rouge, Louisiana and Fayetteville, North Carolina.

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Real Estate Investor, and friend to the Real Estate Freedom community, Rob Swanson just released a training video that goes through a probate investing scenario, step-by-step.

In this video you’ll learn:

Learn how to get probate leads that no one knows about by getting the houses released from the probate early — the families will love you. SEE THE FULL TRAINING VIDEO HERE!

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Why do 97.4% of Real Estate Investors FAIL?

This new video by Matt Andrews reveals why most Investors are dead before they complete their first flip and how you can insure that you are one of the 2.6% who profit on EVERY DEAL. The Secret is… SEE THE VIDEO HERE

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