Please let me first say that the data to follow is nothing compared to the devastation we are seeing in Japan. My heart goes out to the entire country of Japan and this devastating act of nature......
This week nearly 8% of the Homes in the west valley went under contract WOW! Valuations will see a pick up as many agents I have talked to saw above list pricing. The auctions were full of investors also, this will translates to less REO inventory pushed to asset managers.
Many of the assets that were on hold from the Holiday moratorium are coming to market. HUD listings will see an increase in inventory as well as those assets owned by Bank of America.
I have seen an increase in occupied homes that have been foreclosed, this translates to a longer hold time for the asset managers as they work through the cash for keys process or evictions.
All in all it appears that our inventory will continue to shrink.
There are some hard to find homes, most are the larger homes over 3000 square feet, acre homes with over 2500 sq ft, pool homes are also a harder item.
We are also seeing fewer short sale listing on the west side but north, east valley is still seeing a steady inventory.
I should have good end of February pricing trends by next week.
Next weeks challange will be on a global note.
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