The National Association of REALTORS today reports that existing homes sales increased in April, particularly for lower cost homes. According to NAR, 4.68 million single-family, townhomes, condominiums, and cooperatives sold in April. This represents a 2.9 percent increase (seasonally adjusted) over March but still below the 4.85 million unit-level of April 2008. Distressed properties accounted for 45 percent of all sales and, according to NAR, this continues to distort median sales price, which is down more than 15 percent below 2008.
Chief Economist, Lawrence Yun, said “Because foreclosed properties will likely be released into the market over the rest of year, it is critical that distressed homes be quickly cleared from the market.” Mr. Yun also called on the Federal Reserve to restore liquidity to the jumbo market by purchasing these loans under TALF.
Read more on NAR’s Existing-Home Sales here.
recently i listed a property in pre foreclosure
no way could this property appraise for $135,000 which the servicer said they must have i had sent over the cma which showed a
considerably lower price,they turned turn 3 short sale contracts i presented $109,000 and two for $90,000. i requested the listing,they gave it to another reo lister,it did not show up on mls for about 4 weeks when it did it was listed for $59,000 and purchased by a sales person from that office. i lost commission dollars there was collusion.do we have any rights as brokers to fight this kinda of stuff.
leighton jackson
jackson enterprises
ljackson@jacksonent.net
Absolutely, This occured in the market area I work and the Realtor who did exactly the same you described was sued by Deutsche Bank. Additionaly the Justice Department, State Attorneys and the State Real Estate Commission should be contacted. If what you have described is accurate there are a number of state, federal and banking laws that have been violated.
LODGE YOUR COMPLAINT !