[quote=SD Realtor]CAR the flippers have little if no impact whatsoever on the pricing. Don’t take it from me. Go to any of the sites, fidelity or priority posting and pick any random day of auction. Then look at the number of homes scheduled for sale on that day and then look at the number actually sold. Today for instance there were originally over 350 homes downtown. As of now there are maybe 40 that are even for sale, all the rest are pushed out. By the end of the day maybe of those 40, I bet more then half will be pushed out. Thus out of those 20 left maybe 10 will be bid on.
Honestly the impact of the flippers is much less then people make them out to be. The impact of the banks behavior with the loan mods DWARFS the flipper impact with respect to available inventory.[/quote]
SD, what really is happening here? Are the banks making these many loan modifications, has loan modification become so common or are the banks just holding on to these homes (shadow inventory?) and hoping to gradually dump them sometime later. I am still don’t understand what’s the end game here and how long the banks can hold back with more and more people defaulting on their loans or walking away.
