We are dealing with more and more short sales in my office these days. A short sale is where the bank agrees to sell the property for less than is owed on the mortgage. In this market, folks who bought their houses in 2005-2007 are often "upside down" and can't refinance that adjustable rate mortgage they got when they bought the house. The cannot afford to continue to pay their new, much higher mortgage payment and are facing foreclosure. In other cases, a homeowner has to move because of a job transfer, but cannot sell their house for what is owed...maybe they bought in the inflated market or took out a second mortgage during those peak times.

Not being able to sell your house for what you owe is a horrible spot to be in. MANY homeowners are facing it daily, even here in College Park. If you, or someone you know, would like advice or just more information on selling your house short, or even purchasing these distressed properties, just let me know. It's a complicated and often grueling process, however, many of the banks are improving their systems and the sales are going through. We have a few short sale "experts" in my office and we are having much better luck getting these contracts to the closing table.

Both of the closed sales last week in College Park were short sales.

Average rates are down today with 4.875% on a 30 year fixed and 4.625% on a 15 year.

CLOSED SALES: 4/20/2009 - 4/26/2009
16 W VANDERBILT ST: 5/3/2 - 3,654 sq/ft - $620,000 *SS
115 E SMITH ST #9: 2/1 - 930 sq/ft - $69,900 *SS
*SS = Short Sale

OTHER MARKET ACTIVITY: 4/20/2009 - 4/26/2009
New Listings: 7
Pending Sales: 3
Price Reductions: 25

PRESENTLY ON THE MARKET: 4/27/2009
Active Listings: 285
Under 100K: 8
100K - 199,999: 61
200K - 299,999: 80
300K - 399,999: 46
400K - 499,999: 18
500K - 599,999: 21
600K - 699,999: 19
700K - 799,999: 7
800K - 899,999: 8
900K - 999,999: 5
Over $1,000,000: 13
Total Pending Sales: 35

The above numbers come from single family homes and condos listed in the MLS in the 32804 zip code. Please contact me for more specific information, or for statistics on commercial property or vacant land.