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8 | P a g e <br /> <br />Residential Lender-Mediated Sales <br /> <br />Foreclosures <br />Properties in which the financial institution has repossessed the home from the owner due <br />to non-payment of mortgage obligations. <br /> <br />Short Sales <br />Unique arrangements where the financial institution and in-default homeowner work <br />together in an attempt to sell the home before it is foreclosed upon. <br /> <br />In both situations, lenders are highly motivated “sellers”, which can result in discounted <br />asking prices as they attempt to move the assets quickly from the balance sheets. Lender <br />mediated sales are not used in the sales study. <br /> <br /> <br /> <br /> <br />3,907 4,103 4,004 <br />4,341 <br />3,810 <br />179 91 54 22 6 <br />0 <br />500 <br />1,000 <br />1,500 <br />2,000 <br />2,500 <br />3,000 <br />3,500 <br />4,000 <br />4,500 <br />5,000 <br />ay2019 ay2020 ay2021 ay2022 ay2023 <br />Comparison of Arm's-Length & Lender-Mediated Sales <br />ay19-ay23 <br />Arm's-Length Sales Lender-Mediated Sales