‘Non-Distressed,’ ‘Unforced,’ ‘Optional’
A continuing thread on this blog has been the so-far lurching efforts to label key features of today’s economic landscape (“We Have Some With Ham, Too”)
So, while it’s certainly not a household term yet, “The Great Recession” looks increasingly likely to be what we collectively call what’s happened the last two years or so (vs. the more unwieldy, “The Worst Recession Since the 1930’s”).
On the real estate front, the industry still hasn’t agreed what to call a “normal” sale.
Of course, until recently, that’s what the vast majority of residential housing transactions were.
However, the last year or so — longer in places like AZ, FL, and So. CA — the market has been dominated by so-called lender-mediated sales.
These include both foreclosures, where the bank has title, and short sales, where the homeowner still has title, but needs the bank to reduce the mortgage balance to be able to sell (in the majority of cases, the bank(s) refuse, and home progresses to foreclosure).
Locally, Realtors have been using the term “traditional” sale to describe a plain vanilla deal with no lender in the mix.
Elsewhere, popular synonyms include “non-distressed,” “unforced,” and “optional” sales.
You can see why there’s no consensus yet . . .