Looking to avoid home foreclosure? You may be able to do a short sale on your home! Here is some information on a short sale and how it can help avoid foreclosure.
Check out the following statistics for 2011
In early 2011, the REO sales, as a % of total real estate sales, were 25.86%. Also, the Short sales, as a % of total real estate sales, were 8.87%. This means that REO and Short sales are contributing to more than one-third of the total U.S. real estate sales, thus far in 2011.
Real Estate Sales Statistics 2011
This data set also includes a total Year over Year sales comparison:
| ST | Total Sales | REO Sales | Short Sales | Distressed Short Sales | Total Sales YoY Change | REO YoY Change | Short Sales YoY Change |
| AK | 531 | 63 | 21 | 15.80% | -2.70% | -6.00% | 10.50% |
| AL | 1,628 | 296 | 52 | 21.40% | -26.20% | -5.70% | -18.80% |
| AR | 1,096 | 141 | 43 | 16.80% | -46.00% | -13.50% | 2.40% |
| AZ | 8,664 | 3403 | 1157 | 52.60% | -5.70% | -0.90% | -2.20% |
| CA | 25,173 | 9108 | 4493 | 54.00% | -20.30% | -20.40% | -9.80% |
| CO | 4,009 | 1173 | 367 | 38.40% | -13.70% | 1.60% | -2.90% |
| CT | 1,568 | 248 | 123 | 23.70% | -28.20% | -27.50% | -30.50% |
| DC | 158 | 19 | 5 | 15.20% | -64.30% | -80.00% | -58.30% |
| DE | 468 | 71 | 19 | 19.20% | -2.30% | 42.00% | 0.00% |
| FL | 24,224 | 7356 | 2938 | 42.50% | -1.80% | 12.40% | -3.00% |
| GA | 4,068 | 1122 | 286 | 34.60% | -32.00% | -34.50% | -21.00% |
| HI | 689 | 93 | 73 | 24.10% | -26.10% | 9.40% | -8.80% |
| IA | 1,451 | 134 | 55 | 13.00% | -34.70% | -38.00% | -6.80% |
| ID | 1,686 | 491 | 105 | 35.30% | -5.50% | 15.50% | 50.00% |
| IL | 4,509 | 1087 | 421 | 33.40% | -34.50% | -40.70% | 2.70% |
| IN | 1,954 | 404 | 44 | 22.90% | -55.70% | -62.00% | -58.90% |
| KS | 1,180 | 225 | 39 | 22.40% | -38.80% | 2.70% | -22.00% |
| KY | 1,559 | 247 | 61 | 19.80% | -37.80% | -20.30% | -11.60% |
| LA | 1,583 | 190 | 41 | 14.60% | -38.10% | -16.70% | -12.80% |
| MA | n/a | 177 | 32 | 16.50% | -69.20% | -67.60% | -81.70% |
| MD | 3,105 | 731 | 313 | 33.60% | -25.60% | -32.90% | -15.00% |
| ME | 282 | 29 | 9 | 13.50% | -24.00% | -45.30% | 12.50% |
| MI | 5,416 | 2458 | 230 | 49.60% | -34.90% | -28.70% | -32.00% |
| MN | 1,687 | 428 | 69 | 29.50% | -50.10% | -50.90% | -36.10% |
| MO | 3,664 | 1033 | 131 | 31.80% | -18.40% | -8.30% | 1.60% |
| MS | 263 | 59 | n/a | 23.60% | -20.80% | -28.90% | n/a |
| MT | 544 | 77 | 21 | 18.00% | -17.10% | 1.30% | -4.60% |
| NC | 5,235 | 761 | 244 | 19.20% | -23.30% | -12.50% | -8.60% |
| ND | 477 | 24 | 12 | 7.50% | -4.20% | 9.10% | n/a |
| NE | 398 | 22 | 14 | 9.00% | -63.80% | -81.20% | -64.10% |
| NH | 851 | 162 | 55 | 25.50% | -9.70% | -14.70% | 31.00% |
| NJ | 2,532 | 164 | 203 | 14.50% | -49.00% | -72.00% | -46.30% |
| NM | 1,100 | 150 | 57 | 18.80% | -23.60% | -20.20% | 39.00% |
| NV | 4,475 | 2166 | 754 | 65.30% | -6.20% | 1.50% | 16.70% |
| NY | 4,823 | 218 | 146 | 7.50% | -52.90% | -72.10% | -33.90% |
| OH | 6,803 | 1690 | 424 | 31.10% | -17.20% | -11.00% | -13.80% |
| OK | 2,317 | 242 | 45 | 12.40% | -32.50% | -28.40% | -23.70% |
| OR | 2,651 | 825 | 220 | 39.40% | -4.10% | 23.10% | 5.30% |
| PA | 4,550 | 593 | 135 | 16.00% | -28.60% | -24.40% | -12.30% |
| RI | 604 | 79 | 73 | 25.20% | -16.60% | -44.80% | 2.80% |
| SC | 2,197 | 461 | 135 | 27.10% | -41.60% | -28.50% | -34.20% |
| SD | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| TN | 4,898 | 953 | 223 | 24.00% | -19.40% | -29.50% | 35.20% |
| TX | 17,912 | 3288 | 670 | 22.10% | -22.70% | -29.30% | 11.10% |
| UT | 2,374 | 590 | 182 | 32.50% | -14.80% | 1.40% | 40.00% |
| VA | 2,432 | 646 | 222 | 35.70% | -54.30% | -35.80% | -57.50% |
| VT | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| WA | 4,199 | 829 | 385 | 28.90% | -9.90% | -8.00% | 21.80% |
| WI | 1,832 | 287 | 87 | 20.40% | -43.30% | -43.70% | 10.10% |
| WV | 111 | 6 | n/a | n/a | -43.90% | -45.50% | n/a |
| WY | 269 | 35 | 14 | 18.20% | n/a | 40.00% | n/a |
The data posted in this article is from Core Logic
What is a short sale?
A short sale is a sale of real estate where the borrower falls short of the debt balance owed and the property owner cannot afford to repay the full amount. In these cases, the lien holder may agree to release the lien on the estate and accept a loss. A short sale may not release the borrower from financial obligations unless specifically agreed to between the parties involved. A short sale is often used as an alternative to foreclosure, however it may still result in a negative credit report against the borrower.
How to Qualify for a Short Sale
In most cases, the borrow must show proof of hardship that is preventing the borrower from being able to pay on the property. Creditors often have a set of pre-determined criteria for approving a short sale. Depending on the creditor policy and loan type, the borrower may not even need to be defaulted on the loan to qualify for a short sale. In most cases, the current market value of the home is determined via an appraisal. The borrower then must put together a short sale package that should outline why the short sale is needed along with a hardship letter. In some cases, it may be beneficial to consult an attorney during this process to make sure everything is worded and put together correctly.