For those of you who have been believing all the media hype regarding a "housing market rebound", you may want to read the attached article, brought to you by DSNews.
In spite of prices rebounding a bit and inventory being at an all time low in my community of Maricopa Arizona, there are still a LOT of vacant homes that have been foreclosed on (shadow inventory) and over 300 homeowners delinquent on their mortgagae, an increase from 6 months ago. We are just seeing a little "bump" due to the influx of seasonal buyers and the lenders' unwillingness to release their inventory.
Until we have cycled through all of the distressed properties, the housing market will not recover. Of course, a little help from our :friends" in Washington DC with the econmoy would not be a bad thing either!
Read the full article http://bit.ly/ycU1zx