Yes, Jay. As Eric noted, we are down in our inventory here in Moreno Valley to about 1 1/2 weeks, where a year ago we had 2200+ homes. Banks are holding back on evicting previous tenant occupied homes, for multiple reasons. They are slowly releasing them to agents, but many guess we will not have a lot out there for a few more months. Because all agents are trying to get homes for their clients, many are starting in house, which puts the home in escrow right away. The short sales that do not sell will eventually be part of that.

Jay,
The market in the Inland Empire and Orange County for that matter is moving very quickly. When we get bank owned properties they are typically gone within the 1st week. This is because there in fact isn't a lot of inventory available despite what the media may say. Combine the low inventory with high demand and low prices and you know 1st hand what the Moreno Valley market is like.

And while it is (was true) that there was to be a huge amount of inventory released we haven't seen it first hand yet. Couple that with the fact that apparently there is a new moratorium on foreclosures in Calif. effective today -which I am trying to verify- and you have another back log of buyers.

When the inventory IS released there is so much pent up demand that my team and I have no doubt they will be absorbed quickly. I know this doesn't relieve your situation...But hopefully you and your agent can develop a solid strategy so that your offer will be the strongest offer on the next home you decide to put an offer in on.
In the Moreno Valley and Perris area the inventory is in fact very limited. In order to be successful you will need to look at homes BELOW your max price range-especially if you are utilizing FHA financing.

I hope this helps a little bit.
Micki

It is very surprising there is no inventory right now. I have been working with clients for 5 months because inventory has been low. And properties that are listed go very quickly. Buyers are going to have to move fast in this market.