This article fron CNN news talks about the wave of foreclosures that is expected to hit now that the litigation between the AGs and the major lenders has been settled. As I mnetioned in previous posts, there has been a large number of vacant homes in Maricopa Arizona that have been foreclosed on but not yet put on the market. The infamous "shadow inventory". I had surmised that this was mostly due to the lenders' reluctance to proceed with their disposal until the litigation was over.
It is yet to be seen just how quickly these homes will be placed on the active market but, with summer approaching, it would appear to be a good time nationally for lenders to increase the inventory levels of homes for sale. Of course, in Arizona, we could have used this a few months ago as out inventory levels are at an all time low and it is very difficult to find homes for buyers, at least in Maricopa AZ.
It will depend on the volume of release but I do not predict a large drop in proces as this occurs in Maricopa AZ. It will, however, allow the buyers that have been "waiting in the wings" to finally be able to purchase the home that they have been looking for. We have quite a few seasonal buyers that have left the state but are monitoring the market from afar waiting for more homes to become available.
It will be an interesting summer!
Read the full article here http://money.cnn.com//2012/04/13/real_estate/foreclosures/index.htm?section=money_realestate&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_realestate+%28Real+Estate%29