State of Washington’s REO and Short Sales See Significant Increases in 2011

RealtyTrac presented their 2011 4th quarter and 2011 year-end Foreclosure Sales Report this week which identifies a trend in lenders starting to favor short sales over real estate owned (REO) property sales on a national level. Short sales “accounted for 10 percent of sales in the fourth quarter and nine percent for the full year.” RealtyTrac is expecting this trend to gain traction over time “as lenders start to more aggressively dispose of distressed assets held up by the mortgage servicing gridlock over the past 18 months.”

Pre-foreclosure sales increased significantly in several states, including the State of Washington who showed an increase of 36%. This increase in short sale activity did not seem to hamper Washington’s REO sales which also increased in 2011 by 21%.

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