Here is a map that shows every single state, at least the states that report, what percentage of all their sales are short sales. And we can see in a lot of states those are big numbers. And I think those numbers are going to increase in every state. I don’t know if we could afford to walk away from five percent of the market, or ten percent of the market, or in Georgia 20 percent of the market, or in California almost 30 percent of the market. – Courtesy of KCM Crew.
The states that I would be most concerned about are the states that are red on this. This is the map where the foreclosures are already in process. These are the states, usually judicial states, where there was a situation where people had to go through a court system in order to get the foreclosure done. That slowed everything up. It backed everything up. It created even more of a shadow inventory. The states in red are going to be impacted more than the states in grey. So if you’re in one of the red states what you want to do right now is make sure that you don’t get crazy with your pricing. That’s crucially important that you not let that happen. Now if you’re in North Dakota or if you’re in Nebraska you have a little bit more leeway there because you don’t have a load of foreclosures already in process. But in those red states just make sure that you don’t start pricing your inventory, pricing your listings, at a point that they don’t sell right away because there’s a load of competition about to come. Take advantage of the demand that’s in the market right now. – Courtesy of KCM Crew
