Foreclosure Sales Increase in the Real Estate Market

By
Real Estate Agent with Unity One, PL

Sales have finally increased in the real estate market. Has the market hit bottom and now there's no where to go but up? We can hope so! However, many of the sales occurring in July were bargains snatched by buyers on foreclosed homes. Americans are having trouble making any money out of their homes, over the price they originally paid.

The foreclosure homes helped boost the market in July. The economy has also scared away many potential buyers. People are steering away from purchasing homes hoping that the market will fall lower. The abundance of foreclosures along with the tightening of lending standards has scared away potential purchasers. This has left our real estate market in the worst condition in decades.

Comments (1)

Roger Billeci
Real Estate Investments - PropertyQwest.com - Alamo, CA

Hi Sara ... I don't think we are on the bottom yet in the most oversold markets but we are definitely getting close in some of these areas.  Unfortunately, too many people listen to the media which oftentimes is not reporting the correct information instead instilling fear.

As you have stated, many buyers keep waiting to pinpoint the bottom which is a major mistake because its extremely hard to know when the bottom is until we have already bottomed and can look back to review the data.  Additionally, the bottom will vary from market to market.

With the rates remaining close to historic lows, it's a great time to put in offers especially if you are a new home buyer looking for a deal and plan on living in your home over the next 3-5 years.  At this point, with the amount of inventory and choices available, it would be hard to go wrong making the right purchase now!

Aug 26, 2008 02:03 AM