Short Sales Foreclosures on Mt. Hood
Saturday, July 18, 2009
Short sales and foreclosures make up around 50% of sales in most of the country, sometimes more in certain areas. Take a look at the six sales on the mountain for June. The first and second sales are foreclosures and the last on the list a short sale.
It's a real eye opener for the second home on the list. This sold after 305 days on the market with the bank first offering the property at $328,000. It's final sales price at $175,000 was a long road down in price. Naturally, the more foreclosures and short sales we have in our Mt. Hood area, the more prices get hurt because these are the comparables buyers and banks use to justify their offers and prices!