You are surrounded by shadow inventory from a variety of sources.
Several homes that have just been listed were foreclosed on in 2008.
Yes...3 years ago.
There are many others that have not had payments to the bank from the current owner
nor a notice of default issued by the bank to that owner. Missing paperwork prevents the
lender from foreclosing.
Inventory will continue to be added to the market in various stages.
As a buyer, you have picked a great time to locate your dream home. Interest rates are amazing, loans
are readily available to finance your home, and you have a great selection. Take advantage of the pricing
As a seller, put your best foot forward and have your house sparkle. You will get the activity and results
Please let me know if you have additional questions.
I am always happy to help!
Keller Williams Realty
See my recent post on this matter.
But; 10,600,000 divided by 6 equals 1,766,666 per year; almost exactly where we are now.
And, you so eloquently pointed out, that's across the whole entire Nation.
I am looking forward to it; simply because of the infusion of CASH this will mean to the economy.
I also agree with Morgan's comment about the competence and staffing levels at some Banks: I visualize a worker's desk piled 200 high with FILES. Can you see it?
The obvious part is: how could banks keep up? People sometimes forget that banks are large, convoluted corporations that don't always have things as "together" as we'd like to believe. Which means, while they were learning the processes of short sales and high volume foreclosures, they got behind. It also could be strategic to not let all the inventory be for sale at the same time - they would then be competing against themselves.
One more note: Erin mentions 1.5 million homes of shadow inventory. Please remember that this is nationwide. It sounds like a large number, but when you think how many people live in this country, maybe the number doesn't seem that large after all? Plus, that number is just speculation.
Hope this helps. Happy buying :)
I have heard from very very experienced bank owned property listing agents in my office who now list HUD homes for sale say there are 1.5 million homes in shadow inventory in the U.S. right now. The lenders holding these homes are not releasing them on the market for the obvious reasons. One, the feds are paying them not to, two, they are selling them to other investors in bulk at greatly reduced prices so they can hold onto them until the market "improves." If you are buying now, great. If you NEED TO SELL right now, not so great. I believe the lenders are trying to move all of their in-default properties that are not yet bank owned (foreclosed on) through short sales right now.
I hope this helps.
Keller Williams Realty, Roseville
DRE # 01474901