I searched our local MLS today for bank owned homes ( stick built only, no condos) and there were only 177 active in Reno. One of the hardiest hit states in the nation for foreclosures? Why on earth only 177 active listings? Why are the banks holding so many homes in their "shadow inventory"? If they would release some of this inventory it would really help our market. We have many buyers waiting for homes right now and there is just not the inventory levels needed to show them their dream home. With rates close to 4%, if we had the right inventory levels, buyers would buy and our market could start the long road to recovery facing us.
With Notice of Default's almost at a stand still because of the new foreclosure laws passed in October in our state, 2012 could even see less bank owned listings. It's time for the banks to release some of their shadow inventory so we can get them sold and get down the road to recovery !!