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Have we not heard this before? Many times? No offense Kyle, but I do not believe anything I read in the main stream media any more. The federal government will step in AGAIN and slow or stop the natural progress of the market, only to prolong this until after the elections.
Well the article said foreclosures, but it doesn't say anything about the disposition of the foreclosed homes, I just got one assignment today and the property was rekeyed and winterized in the summer of 2009.
We WISH. What will we do with this inventory is not the question. I have a good pulse on the national market, and most all major markets are DESPERATE for low priced REO properties. Most REO's are getting 5-15 offers within a few days of hitting the market in most areas of the country. They just need to release inventory and let the market finish correcting itself. Buyers are there are ready to go in most of the country. I'll tell you ONE thing for sure, holding back inventory and doing things like this REO Rental program are horrible ideas!!
Agreed. It is very hard to sell with a tenant, We are getting a lot of muliple offers here in Washington state too. I think what is needed is to sell off the low priced REOs before we can correct anything. I hope this happens in the next two years.
Within the next two years???!!!??? - this should be happening RIGHT NOW!...I'm in Brooklyn, NY and there is very little to no inventory of reo's. Investors are hounding us REO agents and trying throwing $$$ our way because they think that we are holding listings back. We don't have anything and the banks need to just start unloading already.
Hey Kyle..Mike...you guys have some say in this, don't you?..lol