Agents answered this a few years ago, but no one was on the money! Imagine that! Where's the local market at? In 2008 when you asked the question, Ed, the market was in the tank! Home builders were not buying land, let alone building. And dont let anyone 'fool' you, this was not a typical cyclical real estate adjustment period. This was a flat line, ghost town effect period never before seen in real estate that effected the entire nation. No inventory to speak of, the majority of resale homes for sale were not closing, because the banks didnt want them to. FACT: BofA is now being investigated by the Feds regarding the bonus pay to asset managers not allowing a NOD owner to modify their loans and letting them go to foreclosure and or auction. I would not be surprised if all banks are guilty of this. And waiting for the market to bottom and lots a great homes on the market at discounts, didnt happen due to two significant plays. One by the banks and feds to hold off releasing the foreclosed inventory. The banks held in order to send the message to the general public, that the market had bottomed. Secondly, the banks sold off huge portfolios to newly created investment firms at major discounts which in turn, investor groups would apply new paint and carpet, and list these homes for over $100,000 profits and over time listed these homes to create a shortage of inventory, and get the manipulated results they wanted, a frenzy of buyers all bidding on the same home and paying even more then the homes were worth to the extent that buyers were willing to waive appraisal values, and pay the void in cash! In case you still looking for a home, call me and let's discuss in more detail.
Michael Garcia, GRI