Are Short Sales And Foreclosures Drying Up?

By
Real Estate Agent with ERA Realty Center

I spoke to an appraiser in our area recently who says it's too soon to tell, but he's seeing some good signs.  He watches the Notices of Default constantly and the foreclosures as they come on the market.  He mentioned that it seems to him that the homes being foreclosed now on average are not quite as nice as they were awhile back.  He thinks that more sellers are holding onto the nice homes but still letting go of the problematic homes.  I handle a huge % of the foreclosures in our arera, and I believe that there is some substance to that remark.  It's a good theory.  What do other agents see in the rest of the Nation?  I'd love to hear your opinion and comments.

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Topic:
ActiveRain Community
Location:
Utah
Groups:
Bright Ideas
Tags:
cedar city foreclosures
cedar city homes for sale
cedar city real estate
cedar city ut homes
real estate foreclosures
realtor
agent

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Rainer
37,423
Lisa Marie Flenoury
Broker C21 Union - Making Dreams Come True
Century 21 Union Realty, CO., Inc.

Janet:

Thank you for posting.  I found it very interesting.

Lisa

February 27, 2010 12:57 AM
Rainmaker
172,030
MaryBeth Mills Muldowney
Massachusetts Broker Owner
TradeWinds Realty Group LLC

Thank you , I do think there is some substance to this theory.

February 27, 2010 01:02 AM
Rainmaker
420,591
Leslie Ebersole
REALTOR - Chicagonulls Western Suburbs
Baird&Warner Fox Valley

Huge inventory coming onto market per S&P January and February reports, now referred to as shadow inventory: 1.75 million more houses this year from foreclosures and short sales added to existing 3.5 million homes. Sales in January dropped, see CNNMoney.com today. Many of these will be the "nicer" homes because of resets of 2005 and 2006 loans granted to buyers and refinancers at top of market. It will get much, much worse in next year, prices will continue to drop and inventory will continue to rise. Go to the KCM Blog for good write up and analysis.

February 27, 2010 01:07 AM
Rainmaker
1,092,293
Evelyn Johnston
Super Agent, Probably the Best Agent in the Galaxy
Elkhart County Subdivisions, LLC

We are still seeing notices of default in all price ranges in the midwest.

February 27, 2010 01:15 AM
Rainer
38,274
Ray Perry
Realtor, CRS, GRI, e-PRO
CPS Country Air

There are a huge inventory of foreclosed homes that are still not on the market, seems like the banks are hanging on to them longer.

Ray Perry

Ray@RayPerry.com

February 27, 2010 01:20 AM
Rainer
17,503
Nannette Martin
Prudential Real Estate Professionals - Team Tate

We are not at the end of these distressed properties. I'm showing approximatel 15 distressed properties in my city tomorrow.

February 27, 2010 01:24 AM
Anonymous
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Rainmaker
102,326

Janet Naisbitt-Bagley

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