Around the end of June the Arizona Republic reported that as many as 45,000 “pending” foreclosure homes are being “held back” from being placed on the market to be sold.
One belief is that the banks are deliberately dragging their feet at putting these homes onto the market in an effort to keep home prices from sliding even farther. But many feel that this may even hinder and prolong the market’s long term recovery.
Another belief is that the banks are dragging their heels on higher ticket properties because the demand is low and selling off so many of these properties at low prices could possibly cause some banks to fail.
Another school of thought is that the banks are simply overwhelmed with the volumes and cannot deal with them any quicker.
Or maybe the reasons are some of all the above. Whatever the reason it seems there will be foreclosures coming onto the market for the foreseeable future making some great buyer opportunities.
To read more about the state of the pre-foreclosures in the Phoenix Arizona area, checkout our post on Benjamin.com's blog.
If you are a buyer thinking of buying, now may be the time. Give us a call - -480-201-3001.
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This post is copyright of Bob and Carolin Benjamin, Benjamin Realty LLC, Gold Canyon and East Phoenix Arizona Valley Realtors. 480-201-3001. Visit us on-line at our website and our blog.
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Little has been said on the fact the banks needed to read the 1300+ pages of bailout bill that has many new requirements for lenders in how they handle to whole range of lender activities from initial prequal to foreclosures.
While Congressmen can get away with voting on something they haven't read, I doubt if they'll be too kind if a lender skips a page or two. I would be surprised if the lenders were NOT being overly cautious about what was written and now expected of them.