Short sales in region rose sharply in 2010 - Business - MiamiHerald.com
Short sales -- transactions where a home is sold for less than the outstanding mortgage amount -- increased 49 percent in South Florida last year, a new report from Condo Vultures shows.
There were 16,800 short sales in Miami-Dade, Broward and Palm Beach counties in 2010, up from 11,300 in 2009, according to the Florida Association of Realtors. That was about 22 percent of all transactions.
Short sales -- which take longer to close than traditional sales because mortgage holders have to approve -- were able to sell at a faster pace in 2010. The average 2010 short sale was on the market for 195 days before selling, down from 203 days in 2009. The average time on the market for all sales was 121 days.
-- Toluse Olrunnipa
Source: Miami Herald - Residential Real Estate
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