More and more Short Sales are being approved and therefore the number of Bank Foreclosed homes that gets released is less. One bank owned listing agent claimed he was getting 2 to 3 new listings per day.
There is no "ghost inventory" in Maricopa County.
Foreclosures are being purchased "in bulk" by professional investors who are then fixing them and selling them as a normal sell or renting them out. "In Bulk" usually means they are dropping 1 to 5 million dollars per purchase. This is done at the asset manager level or in attorney's offices (this is keeping supply levels down).
Some banks foreclose and have decided to rent out the homes until prices come back.
There are still plenty of good homes in Glendale/Peoria under 200K
Here is a CURRENT LIST of 115 Homes that ARE NOT Short Sales in Glendale/Peoria:
If you have a question about one of the homes, feel free to contact me.
If there is anything else we can help you with you can also E-mail us at KWREPro@cox.net
Daniel Reynolds, RealtorÂ®
Broker Executives, Inc
Broker Executives, Inc
Like Donald said, No One Really Knows, we can guess (but we're not in the guessing business) or tell you what we have heard, which you most likely have heard it also.
What I can tell you is; if you find a home you want in your price range, don't wait make an offer to purchase and hopefully it will be accepted.
Phyllis JC Anderson, GRI
Liberty One Realty
There are some ideas why:
1) They are holding inventory, releasing it slowly and steady in order to keep prices in check.
2) They are renting the foreclosed homes and will sell them when values rise.
3) They are approving more loan modifications and short sales therefore there are less foreclosed homes.
4) Unless people absolutely have to sell, they are not, therefore inventory levels are low.
I hope this helps.
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It takes several months for a home to go through the foreclosure process and banks are now streamlining and going more toward the short sale option. This keeps people in the homes to take care of them and saves them thousands on doing the actual foreclosure. If you've been one of the many buyers avoiding short sales, you may want to rethink this.
I also suggest you work with an agent that has training in the short sale process, this will make it much easier and safer for you in the long run.
Susan Ellis, MSSC, CNE
Mira Vista Properties