I find it exciting that not only are traditional sales up significantly compared to last year at this time, they are also up compared to two years ago! According to the most recent Foreclosures and Short Sales report from the Minneapolis Association of Realtors, the number of foreclosures and short sales compared to traditional listings and sales continues to decline.
Closed traditional sales made up 58% of the March 2010 sales pie compared to 42% last year, but I think pending sales give an even better indication of the trend because they indicate future sales. Last year foreclosed properties made up 45% of pending sales at this time... this year they only account for 27%!
Traditional sales made up the biggest piece of the pending sales pie at 62%, compared to 48% last year at this time. Short sales are increasing as banks are becoming more willing to negotiate a short sale rather than foreclose.
All real estate is local and the percentage of foreclosures and short sales can vary greatly by area. Click here to view interactive, sortable, localized data.