Market Conditions in 30009>Question Details

x,  in Atlanta, GA

Inventory this summer

Asked by x, Atlanta, GA Mon May 7, 2012

It seems they have slowed the foreclosures down from being listed so the economy "looks" better before the election. Is anyone reading the same thing?

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Spot on Deryk - Alpharetta/Milton/Johns Creek is especially light on foreclosure inventory, other areas are down significantly as well. I think a large part of this is due to the robo signing fiasco, that backlog is poised to be unloaded. You're dead on regarding the banks and "the bottom line". I also think the present administration wants to fluff the economy and real estate - what happens after may not be good.

Amazing how the same mistakes are made again and again...…
1 vote Thank Flag Link Mon May 7, 2012
Inventory is down and very low in 30009. Homes coming onto the market are moving in appoximatelly 40 days according to the FMLS statistics. So if you are looking for a home and find one you like: it's best to be prepared, have a copy of your credit report or pre-qualification letter ready to provide to your agent when making offers. You don't want to miss out on your dream home!
0 votes Thank Flag Link Wed May 22, 2013
We have almost tripled our rental business, in metro Alpharetta, the first 4 months of this year vs same time last year. We also have several foreclosure/short sales in process.

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".

Deryk Harper
Key Locations Property Management LLC
0 votes Thank Flag Link Mon May 7, 2012
It's because shorts sales are on increase. Please follow the link below to find related stats and reports. It seem like banks are willing to work with owners on short sale more than before.
0 votes Thank Flag Link Mon May 7, 2012
I am seeing some foreclosure with tenants already in place.
Foreclosure are down since last year at this time.
Rents are going up.
Tenants have more confidence to buy.
0 votes Thank Flag Link Mon May 7, 2012
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