Foreclosures hurting home sellers
Current Events, Foreclosures, Home Prices, Negative Equity, Short Sales | (0)
From CNN:
Selling a home in this market is hard enough. Competing in a neighborhood flooded with foreclosed homes that are heavily discounted is nearly impossible.
There are nearly a million repossessed homes on the market right now. And these homes, dubbed in the industry as REO (real estate owned) properties, are being marketed by the most motivated of all sellers - that is, the lenders stuck holding the bag when homeowners default.
On average, foreclosed homes are priced almost 40% lower than normal real estate listings, according to data supplied by Trulia.com, the real estate Web site.
"Distressed sales [like foreclosures and short ...
