Sorry for another late update, this time its a family reunion/vacation in So Florida to blame. This update is as of this morning so the trend should be ok as its a week after last weeks post. Next week will be a little thin with a 4 day week.
Short sales 3,180 up from 3,021! That’s another big increase from last week.
Countywide we are at 18,884 up from 18,723 last week. I thin we are at or close to peak inventory now. This is something to watch.
SEveral months ago I hypothesized on a theory I had and I believe it now more than ever. From here on out I expect that we will begin our shift into a distressed sale market. While this will be good for lowering prices, the news is not all good for buyers. Finding a nice house in a nice area will be very difficult from here on out. The best homes are owned by long time owners that can and will hold on IMHO. The homes bought in the run up by lemmings tend to range from average to well below average IMHO. I expect to see many decisions made on price alone which will leave lots of folks living in mediocre properties. There will be some gems on the market but they will get harder and harder to find.
I have several clients looking for properties and it has been a real struggle to find something they liked. It aint gonna get easier.
