Short sales surged in 2012 to a level that was nearly triple the amount of foreclosures, according to recent data from RealtyTrac.
Foreclosure sales made up 11 percent of all transactions last year while short sales made up 32 percent, RealtyTrac reports. My own short sale listings surged 200% over 2011 and 2010.
We’re seeing fewer of the most disruptive sales, the bank-owned foreclosures, hitting the market but there are still a lot of distressed property sales. Homeowners are choosing short sales in lieu of foreclosure.
The increase in short sales is helping to give a boost to distressed home prices too. In the fourth quarter, foreclosure or bank-owned homes sold for an average of $171,704, a 4 percent rise from a year earlier, RealtyTrac reports.