FORECLOSURE Sales were reported to be DOWN 31% in New Hampshire from July 2011 with 238 sales from July 2010 where there was 346 sales statewide. In Hillsborough County there 66 foeeclsoure sales for July 2011 down 44.5% from july 2010 where there was 119 sales which was reported from Real Data.
Over all for the year there has been 2340 foreclosure sales down 7.7% from last year during teh same period.
As a leading listing agent of bank owned homes i have seen a slow down in foreclosures becuase becuase the banksare delaying new foreclsoure starts as they are fixing the mess from missing deeds and assignments which have held up closings up to 9 months on quite a few foreclosures. The legal notices in the newspaper seem to be down which matches the lower amount of inventory available to buyers. The key for new foreclosures is to price them correctly from the start just under market value. Cash buyers are making up the majority of buyers as they snap up deal after deal.
Some banks have slowed their losses by over pricing new foreclosures. One trend that worries most agents is the banks using out of town and even out of state appraisers to appraise home sthat are missing the mark by sometimes twice as high as tehey should be priced. It causes a great delay in sales.
The outlook is good as interest rates fall slightly once again offering major buyer opportunities here in New Hampshire. If you need assistance in buying a bank owned home. Let us share our experience with you.
If you are looking to buy a bank owned home, please see my blog for a full list of tips and advice.
Updated August 21, 2011
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