The number of available bank owned properties (REO) is below 1,200 as of today. A few months ago there were typically about double that number available at any given time. REO's came on the market and went at about the same pace. In the first few months of this year though, they have sold faster than they have come on the market. Part of this is due to the robo-signing fiasco back in the fall, but there also have been fewer foreclosure filings. So where are the missing REO's, and when will they hit the market? More importantly, will it make a big difference?
I went back to the first quarter of last year to see what the trends in new REO's coming on the market has been. In the first quarter of 2010 there were 4,575 REO's listed for sale in the four county area including: Orange, Seminole, Osceola and Lake counties. In the second quarter, usually our busiest quarter of the year, there were 4,879. The third and fourth quarters dropped to 4,314 and 4,066 respectively. The robo-signing late last year did not seem to prevent the banks from putting properties on the market, but did make things a slow to close. Others were pulled off the market and then put back up for sale once matters were cleared up. Then, the first quarter of this year the number of REO's that were listed dropped to 2,941. That is about 1,500 fewer new bank owned listings than last year's quarterly average.
Everybody keeps saying that a lot of new bank owned properties are coming, but we have not seen them yet. From my own personal observations, even if we see 5,000 come on the market this quarter I believe many of them will be absorbed right away. There appears to be significant demand by both investors and home buyers trying to pick up a bargain. While we wait for them to hit the market our overall inventory of homes has plummeted from more than 15,000 at the end of last year to about 11,500. The overall months supply of homes has dipped below five months. We generally consider a six month supply to be a balanced market.
David Welch, Real Estate Optimist
ResultsforYou | Why Choose Me! | Staff Profiles | Contact Us | Closing costs - loans | Free Home Valuation | Find A Home! | Links | REMAX 200 | Web Commercials | Web Commercials 2 | Web Commercial 3 | Medical Professionals | International | Listing Links | Remax Difference | Short Sale | Baldwin Park Condo | YouTube Videos | Google Search | REMAX Florida | Gatlin Place | Conway | Eppraisal | First Time Buyer | Home Buyer Tax Credit | Orlando MLS | Baldwin Park | Avalon Park | Twitter | House Hunters | VoicePad | SocialBio | First Time Buyers | For Buyers | Download Adobe Acrobat | News | Press Release | My Properties | Selling Your Home | Area Homes | Sold by David | My Featured Properties | Search Yahoo!® | Home | Applying for a Loan | Creative Financing | 9 Steps to Owning | Site Map | Mtg Tax Savings Calc | Rent vs Buy Calc | Refi Breakeven Calc | Mortgage Calculators | Request Industry Info | How to Sell Your Home | Staging Your Home | Be Accessible! | Driving Directions | Daily Rate Lock Advisory | Real Estate Optimist | Sweepstakes | Boca Raton Buyers | Cape Coral Buyers | Clearwater Buyers | Fort Myers Buyers | Jacksonville Buyers | Kissimmee Buyers | Miami Buyers | Naples Buyers | Orlando Buyers | Sarasota Buyers | Tampa Buyers | Boca Raton Sellers | Cape Coral Sellers | Clearwater Sellers | Fort Myers Sellers | Jacksonville Sellers | Kissimmee Sellers | Miami Sellers | Naples Sellers | Orlando Sellers | Sarasota Sellers | Tampa Sellers
Copyright © 2012 RE/MAX 200 RealtyPortions Copyright © 2012 a la mode, inc.Another XSite by a la mode, inc. | Admin Login| Terms of Use| Site MapAll rate, payment, and area information are estimates and approximations only.
