The California Association of Realtors has released new data on the percentage of sales that are short, bank owned or traditional. In a two year study – January 2009 to January 2011 what they found was this:
In January of 2009 the break down was:
Bank owned sales began declining in April of 09 and continued that trend with only a small uptick in June of 2010
Short Sales during the same time period began a steady climb that has not stopped while traditional sales actually surged above 50% for most of 2010.
According to the study January of 2011 saw the numbers at:
It is clear that short sales are going to continue to be a big part of the inventory of homes for sale. With foreclosure rates falling off it seems as though bank owned home sales will continue to level off. The main thing that could change that is if the banks have large inventories of unsold homes that they have not released yet.