Where, oh where, have all the HUD houses gone?

By
Real Estate Agent with Better Homes and Gardens Real Estate Metro Brokers

HUD homes for sale in Coweta County GeorgiaHUD homes for sale in Coweta County Georgia are becoming more scarce with each passing day.

And while at first that seems like good news, it really has me thinking that there is foul play afoot,

Because the number of foreclosures has not abated one has to wonder if the so called “shadow inventory” is growing as fast as the National Debt.

Is this a Keynesian attempt at market stabilization or is the motivation purely political? Either way there is trouble looming ahead when these houses are finally released into an already tenuous market.

My preference would be to sell them as soon as they can be sold. Otherwise they will simply be stripped by vandals and left to decay into oblivion.

If that is the intent of the powers that be may I offer this admonition?

Let the houses go!

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Rainmaker
800,611
Al Raymondi
Ocean View Realty Group in Ormond By The Sea Florida - Ormond Beach, FL
Ormond By The Sea Florida - Home and Condo Sales a

I agree Richard, the sooner we can get all the distressed properties sold the sooner we can begin to move toward a more stable or "normal" market.

Aug 15, 2011 08:13 AM #1
Ambassador
1,488,962
Liz and Bill Spear
RE/MAX Elite 513.265.3004 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Richard, Considering we see about 20-25 foreclosures per week in our county, we SHOULD see more lender owned listings, yet typically there are only about 80 per snapshot in the MLS.  They're out there somewhere, because I don't think they're selling them that fast.

Aug 15, 2011 08:16 AM #2
Rainer
37,015
Jose Rivas
Nottingham, MD

HUD is pushing for the first look sales to the non-profit organizations that were awarded the Neighborhood Stabilisation grants. Also even with the current inventory there are title issues, so maybe they are also waiting for those issues to be resovled.

Aug 15, 2011 09:14 AM #3
Rainmaker
180,245
Cameron Wilson
Labrum Real Estate - Murrieta, CA
The Short Guy - Murrieta,Temecula,Menifee California

It does appear the REOs are coming onto the market at a slower pace and looking at their pricing the banks are trying to increase their bottom line calling it an attempt to stabilize the market.

I'm with you Richard let the houses go and get them sold.

Aug 15, 2011 02:05 PM #4
Rainmaker
275,471
Carol-Ann Palmieri
RE/MAX Executive Realty, Al and Cal Realty Group - Franklin, MA
"Cal" the Real Estate Gal

Hi Richard!   Get them out there and get them gone!  

Aug 15, 2011 03:57 PM #5
Rainmaker
345,013
Rodney Mason
Prospect Mortgage - Atlanta, GA
FHA 203K, USDA, VA, HomePath Renovation Specialist

I haven't seen as much activity on HUD REO's lately.  The inventory is definitely there to be listed.

Aug 15, 2011 08:19 PM #6
Rainmaker
1,776,848
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Well, if the shortage stays there, prices will start to creep up.  That is a must in our market.  I know of several who need to re-fi but the house will not appraise.  If we get those prices back up, there will be less people walking away and less HUD's coming up.

 

Aug 15, 2011 10:17 PM #7
Ambassador
900,243
Andrea Swiedler
Berkshire Hathaway HomeServices New England Properties - New Milford, CT
Realtor, Southern Litchfield County CT

Richard, we don't need games. Interesting, we don't have many here, and I mean very few... and they are showing up a bit more now. Perhaps they came up here for a bit?

Vandalized homes are of no value... to anyone..

Aug 15, 2011 10:56 PM #8
Rainmaker
254,308
Connie Goodrich
Keller Williams Realty - McKinney, TX
CRS ABR (McKinney Realtor)Texas

Hopefully there will not be a huge amount hit all at once and the trickle on and purchase quickly momentum will remain so the inventory remains low.  

Aug 16, 2011 07:57 AM #9
Rainmaker
997,244
Gary L. Waters, Broker Owner Waters Realty of Brevard, LLC
Waters Realty of Brevard, LLC - Melbourne, FL
Personal Service, always.

I am thinking it is a bit intentional. But is it good policy? Probably not. I believe in letting the market forces play out.

Aug 16, 2011 08:20 AM #10
Rainmaker
511,389
Lisa Wetzel
RE/MAX Realty Affiliates - Carson City, NV
CDPE, SFR carsonvalleyland.com

Richard ...  I Understand ... one would think!  Yet ... In Northern Nevada we are seeing the number of foreclosures decrease and the prices are starting to hold!  Yeah!  I think!

Aug 16, 2011 11:46 PM #11
Rainmaker
625,159
Sussie Sutton
UTR Texas Realtors - Pearland, TX
UTR TEXAS Realtors - Rep for buyers and sellers.

I guess your Spidy senses are working again! Keep us posted!

Aug 17, 2011 06:17 PM #12
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Richard Weisser

Richard Weisser Coweta Newnan Homes for Sale
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