Where did the inventory go?!?!?! Is the next wave coming?

At least sales are up. We are seeing a lot of activity here in Maryland too! Thank heavens for a spring market!

We are seeing traditional home resales sell faster than REO this week...an anomoly...probably, but the market is definitely moving.  See our Prescott AZ market:

Prescott Arizona area foreclosure market report as of 5-02-09

My REO contacts say a new wave is coming in 30 days.

:) PS

I think it wont be long before you see another wave - perhaps even bigger.  If this drags on long enough then even the Alt A and prime paper will up for sale.

I'm wondering the same thing.  Many well-priced properties are selling over listing price with multiple offers.

You know that as soon as you go on vacation the next wave will come. 

Hi Tyson - I've seen significant drops in the Las Vegas inventory this year, particularly over the last two months. I'm also curious about when the second wave will hit. Now is a great time to build a solid group of buyers and investors.

We are seeing properties getting offers before they are even technically on the market. Somehow other agents are finding out about our REO listings and begging us to let them show them during the pre-marketing period and we're seeing multiple contracts on them, too.

But hey - at least they're selling!!!!

How about all of REO agents go on vacation so the next wave hits. I heard that it will take 120 days for the next wave to push through the pipeline. I hope not.

Tyson, at least sales are up!  That is always a good thing!

Isn't it nice to have your REO buyers making realistic offers? The multiple offers is getting buyers off the low balling trend and making a respectable offer on an already well priced home!

Here in our area, we went a few months with only one sale in the whole county (a very small county).  In the past month,m there have been a number of sales.  A friend of mine did a FSBO and sold within 2 weeks, and he had two bidders, one of which had a contingency, so he sold to the other.

I see a lot of homes in preforeclosure....its seems that the process itself is taking longer.

I do see a lot more coming in the near future (in the Chicagoland area anyway)

You know we're in trouble when even short sales are getting mulitple ofers.

We had a short sale come back and ask for highest and best, lol.

Same thing here Tyson.  In the past two weeks I have been assigned eight new listings in Orlando. However, my broker and the rest of the team probably had close to 15-20 new assignments in the past couple weeks.