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Big Short Sale & Bank Owned Property Impact on Market.

Real Estate Broker/Owner with ReMax River's Edge

The impact of short sale and bank owned inventory is largely understated when discussing its impact on the pricing of inventory and and ultimate sale prices.  In assessing a handful of communities in RI local to my general market area we notice that in some cities at least 40% of their listing inventory and 60% of their pending sales are either short sales or bank owned properties. Along with record low interest rates, buyers should be diving into this market post haste.  A quick look at the pending sale to listing ratio indicates otherwise however.  Many communities have record high inventories with marginal pending sales.  Strange times indeed.

Chuck Carstensen
RE/MAX Results - Elk River, MN
Minnesota/Wisconsin Real Estate Expert

I think there are some shy to buy and other that simply dont have the credit.

Oct 02, 2010 03:51 AM
Janice Roosevelt
Keller Williams Brandywine Valley - West Chester, PA
OICP ABR, ePRO,Ecobroker

This is the kind of information buyers and selelrs need realtors to help them understand

Oct 02, 2010 03:59 AM
Harry F. D'Elia III
WEDO Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

WE have to sell of the dead inventory and create jobs to get out of this rut.

Oct 02, 2010 04:04 AM