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Bargain Hunters are Reducing Real Estate Inventories

Lower home prices are luring some buyers back into the U.S. housing market, but foreclosures and a weakening economy are likely to keep downward pressure on prices for at least another year, economists say. A quarterly Wall Street Journal survey of housing data in 28 major metro areas shows that the glut of unsold homes listed for sale is shrinking in most of them. In many cases, sales have been stimulated by investors who are grabbing what they see as bargains on homes that can be turned into rentals. Metro areas with the biggest drops in for-sale signs include Sacramento and Orange County in California and the Virginia suburbs of Washington, D.C.

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Posted by James G. Pycha (R), Kauai Estate Broker on 10/27/2008 10:58 PM

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2 Comments on Bargain Hunters are Reducing Real Estate Inventories

NOV

2008

I have been telling my first time home buyers that if they want a deal, they need to act fast or they will lose out to these investors that know the bottom is near and are snapping up any good deal that hits the market.

There are a lot of great deals, but in Atlanta inventory is still rising!

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