Foreclosures, pre-foreclosures and short sales

Looking at the data,   Marco Island and the surrounding area now have 128 single family foreclosures, pre-foreclosures and short sales listed on our MLS.  On the condo side, we have 100 parcels listed on our MLS. 
  With foreclosures, pre-foreclosures and short sales making about 42% of all sales, one has to wonder when it will end.
  Short sales are a mess to get into.  Sometimes the process takes 6 months or longer and usually falls through.  I stay away from short sales; instead I do my due diligence on researching recent sales and comps.  If a house in the same area sold, foreclosure or not, we go with that price.  Unfortunately for the seller, it has set the bar for future buyers.  Simple supply and demand economics.

Bob

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