The Devil Is in the Details
Distressed Property InfoGraphic
CoreLogic information on Shadow Information:
http://www.corelogic.com/about-us/researchtrends/shadow-inventory.aspx
LPS information on inventory/sales ratio:
RealtyTrac information on discounts on short sales and foreclosures:
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In the Augusta-area, REO properties comprise 8% of the inventory, yet in Richmond County they account for 32% of all sales.
Navy Chief, Navy Pride
What about the shadow inventory in the region? That statistic could be more telling when projecting future housing values.
In Henry County Georgia, the average sale price of single-family homes is down by over 7% in the first half of 2011 and over 42% since the end of 2006. We have had some good months but we are still declining.
The statistics on discounts make sense to me. While short sales take some serious patience, the unknown is still so much smaller. I would buy a house that someone has been living in over one that I have no clue of history on. The discount is certainly in line with the risk associated!