Inventories of REO properties and HUD homes in Coweta County Georgia are at one of the lowest levels in years.
In addition, the number of foreclosures advertised for sale on the courthouse steps is about a third of what it was at the peak of the madness. But what does this really mean for the Coweta County real estate market?
For those of us in the business, there is a sneaking suspicion that this reduction in distressed property for sale is NOT an indicator of better economic factors.
More than likely, it is the direct result of lien-holders working with owners that are in trouble and allowing them to stay in their homes longer. And as the tine between default and foreclosure increases, inventory shrinks proportionately.
It’s a short term effect, and not a long term fix. And it may be a case of delaying the inevitable.
Only time will tell.
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Same thing here Richard. In Florida it has now become more expensive and difficult for banks to foreclose. So we have ample short sales and refinance as well as loan mods. For the short term at least, inventory is down considerably and this has moderated any price decreases.
Love hearing this news in other areas of the country. Not only are we seeing lower foreclosure rates, we are seeing our available resale inventory shrinking as well. Very good news.
Richard,
We're seeing the same thing here. REO agents are moving into short sales now to keep up their production.
Rich
I agree with Paula. I have so many wanna-be sellers that won't put theirs on the market in fear of having to compete with foreclosure prices. Now, they will start to come out of the woodwork.
Yup, noone has a crystal ball...here inventories are getting lower, and that is a good sign...
Richard, We're seeing some of the same trends here, but I suspect there's a lot of bank owned inventory not on the market and in holding status. Time to make a run through the county auditor's site with some of the major lien holder names and find out how many are REALLY out there.
We also have a much reduced inventory in our area. I think no matter how you look at it we will be cleaning up this mess for a long time whether it ends now or in the future
I still think there is a lot of shadow inventory that has not yet hit the market.
I have seen this same pattern in my area. I have found there to be more multiple offers which has translted into a shift up in home prices just a bit.
If the trend continues, wwe could start to see a mild turn around starting.
yes they look so nice but Foreclosures are such tough on to stomach.