Below is a good link to an article for your sellers – here’s
why (foreclosure inventory is down = prices could bump up):
1.
Due in part to lawsuits tied to “robo-signings”
and other related issues, banks have decreased their foreclosure filings.
2.
Trustee sales and judicial foreclosures are down
37% (only 3.7% of properties in foreclosure were liquidated in June as opposed
to 5.6% in August 2010).
3.
The number of foreclosed homes held by banks is
down 17% (currently 493,000 nationally) from one year ago.
4.
But, it’s not that the defaults are not
there, it’s just that the banks are putting off the inevitable. The
average number of days a property is in foreclosure has gone from 478 in August
of 2010 to 599 days July of 2011 – that’s an increase of 25% in just one
year.
5.
This has caused a decrease in our current
housing inventory (especially in the Central Valley) which should either keep
prices propped up at current levels, or possibly give us a little bump. Any
seller who is contemplating selling in the next 3 years should at least
consider now as the perfect time. When/if we get a wave of
foreclosures in the future, we could have a flood of inventory and another drop
in prices. For sellers, sell now, lock in an historic low rate loan
and buy your dream home.
