Are Short Sales And Foreclosures Drying Up?

Real Estate Agent with ERA Realty Center

I spoke to an appraiser in our area recently who says it's too soon to tell, but he's seeing some good signs.  He watches the Notices of Default constantly and the foreclosures as they come on the market.  He mentioned that it seems to him that the homes being foreclosed now on average are not quite as nice as they were awhile back.  He thinks that more sellers are holding onto the nice homes but still letting go of the problematic homes.  I handle a huge % of the foreclosures in our arera, and I believe that there is some substance to that remark.  It's a good theory.  What do other agents see in the rest of the Nation?  I'd love to hear your opinion and comments.


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Lisa Marie Flenoury
"Lisa The Broker" - Playa Vista, CA
"Lisa The Broker" - Making Dreams Come True


Thank you for posting.  I found it very interesting.


Feb 26, 2010 04:57 PM #1
MaryBeth Mills Muldowney
TradeWinds Realty Group LLC - Braintree, MA
Massachusetts Broker Owner

Thank you , I do think there is some substance to this theory.

Feb 26, 2010 05:02 PM #2
Leslie Ebersole
Swanepoel T3 Group - Saint Charles, IL
I help brokers build businesses they love.

Huge inventory coming onto market per S&P January and February reports, now referred to as shadow inventory: 1.75 million more houses this year from foreclosures and short sales added to existing 3.5 million homes. Sales in January dropped, see today. Many of these will be the "nicer" homes because of resets of 2005 and 2006 loans granted to buyers and refinancers at top of market. It will get much, much worse in next year, prices will continue to drop and inventory will continue to rise. Go to the KCM Blog for good write up and analysis.

Feb 26, 2010 05:07 PM #3
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

We are still seeing notices of default in all price ranges in the midwest.

Feb 26, 2010 05:15 PM #4
Ray Perry
CENTURY 21 The Neil Company Real Estate - Roseburg, OR
Realtor, CRS, GRI, e-PRO

There are a huge inventory of foreclosed homes that are still not on the market, seems like the banks are hanging on to them longer.

Ray Perry

Feb 26, 2010 05:20 PM #5
Nannette Martin
RE/MAX Integrity - Salem, OR
Your Purple Shoes Real Estate Pro at RE/MAX

We are not at the end of these distressed properties. I'm showing approximatel 15 distressed properties in my city tomorrow.

Feb 26, 2010 05:24 PM #6
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