The REO listings seems to have slowed WAY up and/or almost stopped. I'm guessing the banks are trying to work out loan modifications and/or short sales more and more.
I keep hearing there are a large amount of foreclosed homes waiting to come into the market, in the area where our office is located. At first I heard it would be the first part of May, then it was the middle of May. Then it was June 1st. Still nothing. I received a couple of homes but both are still occupied and it will take 60 to 90 days before they become listings.
My best guess is that we still have 2 to 3 years of selling foreclosed homes and doing short sales. But....since interest rates are so low, a lot of first time buyers are looking again. This is great news. For people that have been renting, now is a GREAT time to buy a house....if you have decent credit and a steady job. It's a huge sale going on right now.
Buy a house, don't buy a car!
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