May, 2009 will be the first month in recent memory that we did not close on a short sale. Three regular sales closed (interestingly, all were in Putnam County), but no workouts were among them. Is this a good sign for the economy? Unfortunately, it is an anomaly. One short sale I referred to a colleague in New York City will go under contract this week; 4 short sale listings went on the market in the month of May; and two short sale listings have received strong offers.
The skip of a month is a random event in the cycle. June will have at least one short sale closing, and many more are on the horizon. I have short sale listings in Westchester, Putnam, Dutchess, Queens and Suffolk as of this writing, and a prospective new associate may import 3 more. We are nowhere near being out of the woods.
J. Philip Faranda is Westchester & the Hudson Valleys’s Premier Short Sale REALTOR. He has listed and sold successful short sales in Westchester, Rockland, Putnam, Dutchess, and Orange County, as well as the boroughs of New York City. Find out more at www.NYShortSaleTeam.com