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8 | Page <br /> <br />Residential Lender-Mediated Sales <br /> <br />Foreclosures <br />Properties in which the financial institution has repossessed the home from the owner due to <br />non-payment of mortgage obligations. <br /> <br />Short Sales <br />Unique arrangements where the financial institution and in-default homeowner work together <br />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 asking <br />prices as they attempt to move the assets quickly from the balance sheets. Lender mediated sales <br />are not used in the sales study. <br /> <br /> <br />4,341 <br />3,810 <br />2,938 2,867 <br />3,193 <br />22 6 35 29 38 <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 />ay2022 ay2023 ay2024 ay2025 ay2026 <br />Comparison of Arm's-Length & Lender-Mediated Sales <br />ay22-ay26 <br />(Data from pages 7 & 9) <br />Arm's-Length Sales Lender-Mediated Sales