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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Utah
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Tags:
cedar city foreclosures
cedar city homes for sale
cedar city real estate
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Rainer
37,425
Lisa Marie Flenoury
Century 21 Union Realty, CO., Inc. - Torrance, CA
Broker C21 Union - Making Dreams Come True

Janet:

Thank you for posting.  I found it very interesting.

Lisa

Feb 27, 2010 12:57 AM #1
Rainmaker
178,697
MaryBeth Mills Muldowney
TradeWinds Realty Group LLC - Norwell, MA
Massachusetts Broker Owner

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

Feb 27, 2010 01:02 AM #2
Rainmaker
420,595
Leslie Ebersole
Baird&Warner Fox Valley - Saint Charles, IL
REALTOR - Chicagonulls Western Suburbs

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.

Feb 27, 2010 01:07 AM #3
Rainmaker
1,181,935
Evelyn Johnston
Elkhart County Subdivisions, LLC - Elkhart, IN
Super Agent, Probably the Best Agent in the Galaxy

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

Feb 27, 2010 01:15 AM #4
Rainer
38,274
Ray Perry
CPS Country Air - Kelseyville, CA
Realtor, CRS, GRI, e-PRO

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

Feb 27, 2010 01:20 AM #5
Rainer
18,915
Nannette Martin
RE/MAX Integrity - Salem, OR
Your Purple Shoes Real Estate Pro at RE/MAX

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

Feb 27, 2010 01:24 AM #6
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Rainmaker
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Janet Naisbitt-Bagley

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