Market Conditions in Phoenix>Question Details

Payal, Real Estate Pro in Los Angeles, CA

Foreclosure listings on MLS

Asked by Payal, Los Angeles, CA Mon Aug 27, 2012

Why is there not many foreclosures listings on MLS in recent months? Are the banks delaying listing properties due to another robo signing type of issue? When are they expected to come to market?

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Answers

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All the previous answers point to one thing: the market is improving. The other thing banks are getting smarter at, is selling short rather than letting the properties go to foreclosure. They finally realized they usually do better that way. The percentage of all listings that are distressed properties, which includes short sales, REO's, and pre-foreclosures, is shrinking and more "regular" sales are taking place.

Good bargains are still available, but there is more competition for low-priced housing. The rock-bottom prices ended about a year ago and prices are creeping upwards now.

If you have further questions, feel free to contact me.

Ann Griffin, REALTOR, ABR, E-Pro, SRES
Coldwell Banker Trails and Paths
480-789-9584
anngmesa@gmail.com
0 votes Thank Flag Link Tue Aug 28, 2012
Banks are renting them. Banks are finally getting smart creating demand/supply.
0 votes Thank Flag Link Tue Aug 28, 2012
Hi Payal,

The banks work through a process to list them, the number of foreclosure notices have been down in the last couple of months which is a good indication that the market will be improving. I've included a link to search bank owned properties that you can use to see what is currently out there.
0 votes Thank Flag Link Mon Aug 27, 2012
Buyers and investors are buying properties as soon as it comes on the market. I am seeing multiple offers on all foreclosures and short sales. I do have foreclosures and short sale in the inventory. Call me to discuss or visit http://schannar.kwrealty.com
Thank you.

Shashi Channar
REALTOR
Keller Williams Realty Sonoran Living
(480) 558-6748
0 votes Thank Flag Link Mon Aug 27, 2012
Payal,

Properties are getting purchased at a faster rate than banks are able to release properties. Properties are no longer sitting on the market for month; therefore, the foreclosure inventories are down. Traditional sales (No banks involved) is about 50% +/- of the market and prices are rising due to low inventory levels.

If you are thinking about buying an investment property, then now is the opportune time to get into the market to start earning some equity and monthly cash flow. I am an investment specialist and I can help you find a property that will provide you with a 15% to 30% leveraged ROI. Please give me a call to discuss some investment properties.

Sincerely,


Sean Heideman, Broker
Position Realty
Office: 480-213-5251
0 votes Thank Flag Link Mon Aug 27, 2012
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