Okay so the MLS reported 2048 sold properties from 8/1-8/31. Dataquick covers more properties because most all of the new home sales are not advertised on the MLS.
Once more please do not assume NOTs become REO’s. I have not looked at the latest statistics but I believe we are still below 40% of all NOTs turning into REO properties. So I believe that the number of REO’s don’t comprise a 40-50% level of resale homes on the market.
HOWEVER… the counter to that argument is that a property does not have to be an REO just to be distressed. Lets not forget short sales, and other distressed properties that are not yet REO that are for sale. Additionally let’s not forget about the properties that are REO but have been on the market and then pulled off the market.
So the bottom line is that yes we are seeing and will contine to see more and more distress properties making a larger percentage of the housing stock… unfortunately this is also continuing to happen in the predominantly less desireable areas. It would be nice to see this happen in the areas that most posters want to live in… I believe that will happen in a creeping manner… it will still take time…
