I don't think that there is an easy answer for this question - we are starting to see more sellers trying to avoid foreclosure by trying to sell their home as a Short Sale.
The foreclosed homes are currently not coming onto the market as quickly as we'd like to see them. There are a lot of empty homes right now.
We hear rumors of several things:
* Sellers are getting short sales approved quicker (4-9 months instead of 7-12 months)
* Lenders are going to loosen up on REO's in the next 60 days - hopefully in time for some buyers to get under contract before the Federal Tax Credit expires (Tax credit: 1st time buyer can receive up to $8,000 and move up buyers can receive up to $6,500 if they have a fully executed contract by 4/30/10 and escrow closed on or before 6/30/10)
With interest rates still low, and prices pretty much stabilized, and increases starting to occur in some areas, now is still a great time to buy a house. If I can be of further assistance, please give me a call. Best of luck to you.
Tamara Stoebe, REALTOR, GRI, QSC, e-PRO, Notary
DRE License #01827461
TROTH GMAC REALTORS
1801 W. Ave. K
Lancaster, CA 93534
Cell: (661) 466-6849
Fax: (661) 422-3006