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Shadow Foreclosure Inventory impact Sellers
Yesterday a financial planner was consulting with one of our buyers interested in a home in a desirable neighborhood in Myrtle Beach, SC and she reiterated a key point and change with lending institutions regarding foreclosure inventory. Banks have been holding many foreclosures, getting them ready to sell, and releasing slowly so not to flood the market. However, Bank of America just announced they will change from releasing 7500 foreclosures a month to 45,000 (THIS IS HUGE, BUT THERE IS TIME TO REACT). In addition to the shadow inventory, also referenced as "black cloud" inventory, there are the other foreclosures banks are assuming daily. In Myrtle Beach, SC and elsewhere, prices are not increasing anytime soon ... but just the opposite due to the foreclosure inventory. I too have turned my head at the words "double dip recession" but the numbers are staggering. Foreclosures are selling because they are priced at 57% of a properties' value (SHORT SALES ARE 87% OF PROPERTY VALUE ON AVG.). Therefore, it is only FACT that a home someone paid $300,000 for could be valued at $171,000... JUST A REALITY. *Experts predict foreclosures WILL dominate the market until 2012 and recovery will begin in 2013. *APPRAISERS ... more

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