I am so excited about the new year. Looking forward to a great 2009. In real estate, nobody can predict the future.
I will give you some facts that I have noticed over the last 2 weeks. Buyer/Investors are buying up the foreclosure inventory. Today, our office received over 25 buyer calls for showings in the first 3 hours of the day. I didn't find out what the total calls were for the day.. Normal is 5-10 a day.
Of course the influx could be due to the holidays... but still a nice positive way to start the new year.
I also noticed that in Taunton MA 25% of our foreclosed listings over the last 2 weeks are under agreement or sold. New foreclosed inventory isn't coming in as fast.
I believe that our inventory has decreased some due to the moretoreum on foreclosures which was implemented in 4th quarter 08. Banks have promised not to take steps to foreclose on borrowers homes until January 9th. They are more willing to modify loans now and work with their borrowers.
Question is, will the modifications be affordable enough to keep homeowners in their homes?. Will more bank owned inventory follow in the coming months?