Report: Banks more likely to do short sales - East Valley Tribune: Business

Report: Banks more likely to do short sales

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Posted: Tuesday, February 28, 2012 6:11 pm

A report out last week by Grand Canyon Title Agency shows banks were more likely do a short-sale for a distressed property in 2011 than a foreclosure.

The analysis of the information from the Arizona Regional Multiple Listing Service shows that in 2011, 62,156 single family properties in Maricopa County changed ownership as a distressed property.

The number of homes that went back to the lender was down 29 percent from 2010, while the number of homes that were sold to a third party was up 25 percent compared to 2011. Short sales were up 18 percent from 2011.

All together, total foreclosures were down 14 percent from 2010.

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