"A report conducted by First American CoreLogic found there was a 1.7-million-unit pending supply of residential housing inventory, an increase from 1.1 million a year earlier." Is this more than we thought? When will they release know inventory? No one knows for sure. My guess would be it will trickle out slowly in order to only meet the current demand and keep prices stable.The flood the market lesson has been learned and should not be repeated. My guess is the low in the market here was reached last Dec-March 2009 and has slowly started to level off and even climb somewhat.
First time buyers will have a multiple offer situation and the winning buyer's offer will not be asking for repair requests ie "as is" or buyer concessions closing costs, warranties etc. All those nice things that have since gone by the way side!! Today's Bank Owned Homes are down and dirty purchases and the buyer should do their "Due Diligence" and get the inspections to protect themselves.
http://www.facorelogic.com/uploadedFiles/Newsroom/RES_in_the_News/FACL_Shadow_Inventory_121809.pdf
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