As reported by CNN Money, November home sales were stacked full of short sales and REOs. Information collected showed that 46 percent of homes sold in November were foreclosed properties. The average sales price for short sales was $209,000 and REOs was $190,000, both much less than the average price for regular sales at $259,000.
There does not seem to be a end in sight as LPS Applied Analytics collected data stating that 2 million delinquent borrowers are currently in the foreclosure process. What is also complicated about the vast amount of foreclosed properties for sale is that many of them are in poor shape due to the lack of funds available by the previous owner. It then becomes more difficult for borrowers, particularly those with low funds themselves, to get financing on properties that need a large amount of money and work put into them.
To learn more about financing for foreclosed properties and some programs available to borrowers such as Fannie Mae Home Path and Fannie Mae Home Path Renovation, contact Aapex Financial Solutions at info@aapexfinancial.net or visit our website at http://www.aapexfinancial.net/
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