Home Buying in Troy>Question Details

Tyler, Home Buyer in New York

When will banks release backlog foreclosures for sale?

Asked by Tyler, New York Mon Apr 23, 2012

I am shopping for a home in Southeast Michigan and have been struggling with the low inventory of homes for sale. I've read that a foreclosure settlement has been reached for banks being investigated for fraud. How long will it before the banks start releasing their backlog of foreclosures into the market? Getting impatient with the lack of homes for sale.

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Ron Ristovski’s answer
Tyler,

Tough thing to predict the market.

If you look into historical trend, right now prices are close to 1975 to 1985 bottom, when adjusted for inflation. This is based on: http://www.chartoftheday.com/20120316.htm?T

If you price them with ratio of Gold, it is very low compared to 1980's and before.
http://www.chartoftheday.com/20110610.htm?T

It is good idea to make a proper judgement based on needs, finances, family etc and work with realtor.

Ron
http://www.TheBestMIHomes.com
http://www.AffordableMIHomes.com
0 votes Thank Flag Link Mon Apr 23, 2012
Tyler

I agree with Jay. You may need to change some of your criteria, such as location. There is no such thing as the perfect house. There are always some kind of compromise. You need to have a daily email alert with all new homes on the market within your criteria & check it daily. As soon as something comes up, you need to check it out ASAP
0 votes Thank Flag Link Mon Apr 23, 2012
Hi Tyler,

You are not alone in your frustration! The number of private sellers who can afford to sell without taking a short-sale, are limited due to the drop in values in recent years and banks are moving slowly and cautiously. As far as I can tell, the banks have been slowly putting homes on the market that have been sitting for two years or more. Will they "flood" the market again like they did in '07 through '09? Probably not--that strategy didn't work-out so well, as they essentially shot themselves in both feet and helped crash property values for themeselves as well as owner-occupants. So, if you are waiting for a huge influx of bank listings, you may be waiting on something that may never happen???? My best advise is to work closely with a dedicated and experienced local agent who has their finger on the pulse of the exact marketplace you want to be and who can get you the new listings as they pop onto the market--and by all means, move quickly and aggressively when something of interest pops up. The early bird gets the worm! I'd be happy to discuss it further with you.

Jay M. Jones, Realtor
RealtorJay@sbcglobal.net
248.568.4947
Web Reference: http://www.MyRealtorJay.com
0 votes Thank Flag Link Mon Apr 23, 2012
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