…It appears so, with short sales making up only 7% of properties on the market in the Denver Metro area today. Helping Homeowners with short sales is what I do best! Closely watching these trends in the local market, is a part of my daily routine.
Today, the total number of homes for sale in the MLS is 26,656, but only about 7% (1864) are short sales. This is a huge decrease, as the average has been running in the 20-30% range. Is this due to faster bank processing, or simply an indication of economic recovery? I am on the hunt for the reason for this huge drop in short sale inventory, as well as the impacts this may have on the market.
One important deadline regarding assistance for those in a short sale situation is December 29, 2012. Programs such as Home Affordable Foreclosure Alternatives (HAFA), Home Affordable Modification Program (HAMP), and Home Affordable Refinance Program (HARP), will all expire at the end of next year.
I will post an update on the 15th of every month, so you can stay informed about the Denver real estate market. If you would like to know specifics on areas, cities, or subdivisions, please leave comments or contact me directly.