South Florida short sales take 501 days

Short sales in South Florida take an average of 501 days, according to data from RealtyTrac, the Sun Sentinel reported. “Most buyers are looking to buy within a six-month period,” said RealtyTrac spokesperson Daren Blomquist. “If you see some places where it takes over a year, it’s not an ideal situation for most buyers.” There were a total of 5,940 short sales in the tri-county area in the second quarter, a 15 percent increase month-over-month. The only area in Florida that was in the top ten best short sales markets was Fort Myers. Los Angeles is the best market, according to the report, with a total of 9,145 in the second quarter. [Sun Sentinel]

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