Buyers Beware! Inventory is Low to choose from...single story properties
Posted on October 2, 2012 08:58 AM by BOB BISHOP
Despite the ongoing foreclosure market inventory for buyers to choose from is low. Usually buyers and Realtors have between 6-9 months inventory to work with giving buyers a good number of choices. But due to the robo-signing mess more than 16 months worth of foreclosures were put on hold till they completed their selttlement with the 35 attorney generals from states accross the US.
Also, in my opinion I think the banks didn't want to wade into the election appearing to take sides so they slowed down the number of foreclosure filings earlier in the year so as not to have too many people featured getting thrown out of their houses on CNN, Fox news, etc. Also, with the decline in inventory with more people bidding on fewer available properties this cause prices to rise and headlines to say prices are rising the bust is over. So starting in July foreclosure filings were up 7% over 2011 and the same is for August. If you calculate the foreclosure timtable which is 3 months and 21 days the foreclosures filed in July will start to go to foreclosure sale right after the election and I expect the number of filings will continue to rise.
So for discouraged buyers who are having a hard time finding enough properties or tired of battling multiple offers their is hope! Hang in there and more choices are coming and with the rise in inventory most of the price increases will decline throughout next year and there will be bargains to be had if you are patient.
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