For all of you who are first-time home-buyers, (or investors looking to snap up some more great bargain properties), do not despair. While inexpensive homes are being snapped up as quickly as bacon-flavored treats at a dog park, there are more foreclosures coming our way.
While it is more bad news for those homeowners in default who were hoping to save their homes, banks are moving rapidly to accelerate resolution of these "toxic assets" by cleaning them up and getting them off their books. Today's LA Times reports that the drop in home losses is only fleeting and a precursor to what looks to be a busy fall season.
http://www.latimes.com/business/la-fi-foreclosure23-2009jul23,0,5325752.story
For some of our buyers, that will be hugely helpful as anything with four walls and a roof that doesn't leak has been selling faster than we can sign and deliver offers to realtors' doors. This is especially true for properties in the under $400K price range. Homes in the upper echelons are still sitting for long periods of time UNLESS they are priced well. Sellers who resist pricing to meet the market, find themselves chasing it painfully all the way down, down, down.
Lenders have sent out an estimated 124,562 default notices in this second quarter of 2009, so expect a flurry of foreclosures on the horizon this fall. We will be ready to rock n roll when they do.
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