Bubble, no but the banks aren't doing themselves any favors. While buyers are willing and able to buy, the banks need to latch on and get these properties off their books. Hanging on is costing them money and as more time goes by and loans are harder to get, the banks are taking one hell of a chance. They may find themselves owning property for a long time and finally handing them over to the cities and counties.
The banks need to face reality. Prices are still WAY too high. The only way that this market will stabilize is by the prices reaching bottom. It's called "price discovery". Look for 30 to 50% off from where we are now before we hit bottom.
Don't think they will go that low from where we are now but then again my crystal ball is a little foggy. But, if they do you can count on the fact that the rest of the economy will go down even further than it is, now.
We all better hope that things do go up and improve so that the economy can get back on its feet again.
Sorry Kxnipt, I meant to give you a thumbs up and hit the wrong one. I'd undo it if I could.
Thanks. Why not? I'm not holding the video camera…
@Burgoon123 to be honest Burgoon123, I am not interested in being an REO agent. Don't have any desire to work FOR the banks! But, thanks for the info.
How is the bank owned inventory now?
Funny you should ask, Firsttimehomebuyers1. I have a report coming out on Monday about all the Sacramento Real Estate numbers on SacramentoRealEstateVoice that will show you a 15 month graph of a steady decline in bank owned homes. There are 78.9% fewer foreclosed homes in 2012 as compared to August 2011.
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