Was busy doing showings this afternoon in an area where sales have been brisk. The volume of REOs in this particular neighborhood has been so high that I noticed prices drop 10% in a matter of about 2 or 3 months. I noticed a lot of homes with non-mls lock boxes --- meaning that the homes are being foreclosed on and will be coming to market soon.
Looks like another wave of homes is set to hit the market soon. I spoke with my insurance agent today who told me there were 6 pages of NODs (Notice of Default) in the Fresno Bee this morning. The good news is that on some days I have noticed that the number or new listings (in a 24 hour period) is exceeding by the number of contingent and pending sales (in the same 24 hour period), which means inventory is getting sucked up fairly well.
BLEET = cross between a blog and tweet.