Amazing how the same mistakes are made again and again...
I do find that there is less to choose from in foreclosures and agree with Veronika that more banks are considering short sales. I think some of the inventory is just shifting from foreclosure to short sale...but also think banks have a choke hold on inventory not as much due to election but more to protect their own bottom line. If they haven't released and sold through the system yet their "book" value is still the "loan" value. Once they sell as foreclosure then they have to report true value ( sales price minus cost to get it sold ) and it KILLS the bank's "capital reserves" ratio and liquidity. That and general law of supply and demand would create a huge drop in value if they dumped everything on the market at once.
Isabel has a good point too. We have been able to raise rents on most of our new property listings to rates that we have not seen in the last 4 or 5 years. And we are getting GREAT applicants for the most part..... 700+ credit scores, stable jobs and plenty of income.
IMHO the banks are still kicking the can down the road and hoping for some miracle recovery before they have another crisis. There are still great opportunities for Buyers/Investors and regular Sellers should look at this as an opportunity to sell before the "other shoe drops".
Key Locations Property Management LLC