The Lack Of REO Properties Being Released Has Stunted the Market

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Real Estate Agent with Chase International 01366299

Wow!  We were doing so great in 2008 with home sales.  Buyers were ready and willing with not only cash on hand, but solid financing.  I actually was beginning to see some hope in our future economy. It appeared as though sales were increasing, prices of homes were solid and life was going to be up and positive.

Things changed quickly in 2009.  We have seen a lack of new properties on the market, which is causing a entirely new problem in our home sales market place.  Yes, buyers are still ready with cash and solid financing.  No, we don't have the homes to sale.  Yes, we are experiencing mutiple offers again, and a sense of frustration that can't be overlooked.  Both Realtor's and buyers are on the receiving end of some financial decisions from the Federal and State governements.  The stimulus package offered to all sorts of businesses has helped those companies stay afloat.  What happened to the stimulus package to help move our properties?  Yes, REO's, sad as it is, was beginning to stimulate  our Real Estate Industry.  Move up buyers, first time home buyers, investors were all bringing in solid cash to create a sense of a solid market.  However, due to the government moratorium we have found a lack of homes to sale and a STUNTED market!  Buyers are ready.  Let's get some homes on the market to sale.

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Location:
California Alameda County
Groups:
1st Time Buyers
REO
REO REALTORS
REO EXCHANGE
Tags:
reo
first time buyer
fremont
bank owned
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Rainer
17,103
Johnny Burke
Keller Williams Realty - Los Angeles, CA

Kimberly

 

Won't this be changing soon with the moratorium lifted? I keep hearing talk of a "shadow inventory" the banks have yet to dump on the market, and otherwise another wave of foreclosure yet to come.

Apr 27, 2009 02:39 PM #1
Rainer
6,312
Mario Banuelos
The Agency - Palm Springs, CA
Real Estate Superstar

I am just wondering if we're about to receive a huge wave of REO's, perhaps too many... But, definately better than none. All I see are mostly short sales with gazillion offers on them!

Apr 29, 2009 05:22 PM #2
Rainer
14,210
Eric Bennett
Capitis Real Estate - Palm Springs, CA

I agree.  In California we should look ahead to August and September.  March was the end of the moratorium, so March 1st had more NOD's filed than ever before (or close to it).  It takes 4 months here to foreclose so March 1st plus four months = July 1.  We should see surplus inventory rolling in then.  Combined with HVCC Riverside county, where I am, is in for a world of hurt.  Values will be lower.

Apr 30, 2009 04:28 PM #3
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Rainmaker
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Kimberly Moore

Why Settle For Less When You Can Have Moore
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