Time To Resell In May 2011 Improved for Investors
06/14/2011
Third party investors resold the homes they previously purchased at auction at a faster pace throughout our coverage area. As the most sophisticated and motivated homesellers in the marketplace, these investors provide an important indicator as to the health of the entire housing market. While the statistic is encouraging, it’s too early to tell whether it is a turning point from the otherwise recent downward trend within the housing market.
Foreclosure filing activity was down in May 2011, with fewer foreclosure filings in all states except California, where there was an increase in Notice of Trustee Sale filings. This increase may lead to more foreclosure sales in future months. Activity on the courthouse steps was mixed, with California the only state to have increases in foreclosure sales both Back to Bank and Sold to 3rd Party. After a jump in foreclosure cancellations across the board in April 2011, there was a reversal of this trend in May, with cancellations dropping significantly in California, Nevada, and Washington. Cancellations moderately declined in Arizona, and increased in Oregon.
“The slowing foreclosure process has left fewer affordable homes available for sale” says Sean O’Toole, CEO and Founder of ForeclosureRadar. “Foreclosure investors may be the only winner so far, benefiting by being able to resell homes purchased at foreclosure auction a little more quickly.”
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