It's Finally Happening - Short Sale Fundamentals
 
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21
Dec

It's Finally Happening

First American CoreLogic released data on
Thursday indicating that 1.7 million REO’s
and potential foreclosures hadn’t hit the
market by the end of the third quarter.

Based on the current sales pace, it’ll
take 3.3 months to get rid of all of these
homes. (Compare that with last year’s 1.1
million homes.)

This is not information you’ll find in
official measures of unsold inventory.
The official number of unsold homes currently
on the market stands at 3.8 million as of the
end of September. That alone could take 7.8
months to sell. Add to that other unseen and
marketed properties and you get 5.5 million
units.

All this indicates that while officially
numbers are down towards the end of this
year the actual impact these foreclosures will
have on the housing market will be much
greater than experts predict.

****How will this affect prices? The
economic recovery? Let us know that you
think!

This "shadow inventory" may make its way
on to the market in huge bundles, or in
steady, manageable streams. Either way,
its impact on the market will be immense
and provide some ripe opportunities for
the timely investor.

  • Dr. Gary J. MacDiarmid Sr

    We have not seen the worst yet ! We dont know how much is really out there.

    Doc

  • R. Hagelstein

    I think we DO know how much is out there. The figures I see are….
    120 Billion $ currently in default….1 Trillion $ Sub-prime total….1 Trillion $ Alte’s……1/2 Trillion $ option-ARM’s with teasers…
    So according to what’s out there, we’re only 1/20th the way into the pit….

  • Kelly Harper

    It looks as though the banks are going to release this “shadow inventory” in small streams. It’s good for investors and the economy. The more REOs on the market to be had at a discount, the more investors and retail buyers alike will come to buy. If the banks release the REO inventory at a regulated pace, then I think home prices will have a chance to stabilize and even increase. If the banks release all of their inventory all at once, then I think home prices would probably plummet, as it would become a buyer’s market (at least for the time being if it isn’t already) due to all of the inventory on the market. The banks would be forced to drop their prices if they wanted to get rid of the inventory.

    Kelly H., Virginia



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