As a Lic. RE Professional, I can tell you this is the question every RE agent is asking. Where have all the foreclosures gone? There is NO inventory.
Do you think the market is going to come back anytime soon with these “synthetically pumped prices” & “hoarding of foreclosures”?
Sitting back waiting for another bank man made disaster to blow up in their face once the shadow inventory is set free again.
There is a ton….
Realtor Magazine-
Recent housing surveys are showing an uptick in home prices, particularly in cities in warm-weather “sand states” that had been hard-hit during the housing slump, such as in Phoenix, Las Vegas, Miami, and Tampa. But some housing experts worry that the lift in prices may be temporary due to banks “hoarding foreclosures.”
Some real estate professionals allege that the “synthetically pumped prices” are being caused by “banks stockpiling foreclosed properties and purposely keeping them off the market until area prices truly soar.”
For example, in Phoenix, in the “sand state” of Arizona, home prices have been soaring the past six months.
But real estate professional Michelle Tremblay, with West USA Realty in Phoenix, tells MSNBC: “We can see on the street what’s vacant and what’s not. We’re watching these [foreclosed and non-listed] houses just sit and rot. The banks are letting these houses just deteriorate. They’re holding them and releasing them slowly to drive the value up.”
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