2010 Was the year of the distressed property in Bay County.  Many homeowners are in or have gone through Foreclosure or have done a short sale on their home.  The number of Foreclosure sales in 2010 was 650 and the number of short sales closed was 398.    There were 2692 sales in all of Bay County in 2010.

There are currently 368 Foreclosure (REO) listings and 630 short sale listings in Bay County out of a total of 3970 listings in the local multiple listing service in Panama City. 

What does this mean?

24% of all 2010 sales were REO, Foreclosure sales
15% of all 2010 sales were short sales
39% of 2010 sales were distressed properties!
That leaves 61% of the sales in 2010 were equity sales, that is a good number because 6 out of ten sales were homeowners who were not distressed. 

9% of the listing inventory is REO or Foreclosure listings
16% of the listing inventory is short sale listings
23% of the total listing inventory is distressed

2010 should see much less REO sales and more short sale properties sold.  The lenders are starting to embrace short sales and many are feeling great pressure to process and close short sales.  Short sales most typically NET more money to the lenders than Foreclosure and short sales can be much less painful on a sellers credit and finances. 

The Payne Group understands short sales and knows how to get them sold.  Give us a call today at 850-890-0132 or visit www.ShortSalesinPanamaCity.com for more short sale information.