Question Details

Kathy Weber, Real Estate Pro in Temecula, CA

Do you think we'll see in increase of bank owned properties hit the market this summer?

Asked by Kathy Weber, Temecula, CA Thu May 27, 2010

The rumors are still out there that we're going to get "hit" by an influx of lender's releasing large numbers of bank owned properties. Same scenario as last summer. There are many buyer's still waiting to jump on the great deals in this market, but encounter a "shortage" of inventory in many areas. (not all). What's your opinion? I say it'll remain the year of Short Sales.

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Banks know that oversupply will decrease prices, so they will sit on some inventory rather than shooting themselves in the foot by flooding the market, though in strong markets they may adjust the flow to match conditions.
0 votes Thank Flag Link Fri Jun 11, 2010
I have discussed this with quite a few people. There is definitely a shortage of inventory. The banks are just trickling out the bank owned properties. I do quite a few BPOs and I know when it is for a short-sale and when it is to determine a price on a bank owned property that will be coming on to the market. I initially thought that once the moratorium was lifted that there would be a lot of homes coming on the market but that did not happen.
I do believe that we will see more bank owned homes hit the market this summer. I also believe there will still be quite a few short-sales.
0 votes Thank Flag Link Fri Jun 11, 2010
One local bank here has ove 1400 REO that they are setting on and are begining to release them at present. I am sure that many will see the market affected greatly
0 votes Thank Flag Link Wed Jun 2, 2010
Hi Kathy,

I also think we are going to see more Shortsales. However, there are also 'strong' sellers in this market .Right now in the local market ( Irvine,Tustin) there is not much inventory. There are lot of buyers waiting for better homes to come up. Hopefully, it will be a good match of demand and supply. Mortgage rates are favorable right now though.
0 votes Thank Flag Link Thu May 27, 2010
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