Will we see the return of short sales?
Its been a long time since short sales or foreclosures were even a small part of the homes available for sale. That is unlikely to change anytime soon but it would be a mistake to think that we wont see some start to come available for sale. Especially for those that have purchased in the last 2 years and maybe didn’t put a lot of money down, a need to sell could leave them in a tough position when they owe basically what the home is worth. We are really seeing distress in the commercial sector (especially office) where 30 year loans don’t really exist and most investors have 5 or maybe 10 year loans. As those rates go up we are seeing distress at very high levels. We wont see a lot of that in residential but its important to understand the process when it does. Watch!
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