Several people have noted the lack of REOs on the market given the number of foreclosures. It is interesting to check the MLS active listing numbers vs Realtytrac.com or some other foreclosure site.
The data for my area (92021) is:
Total active MLS listings: 1113
Auction listings: 140
Bank owned listings: 360
Pre-foreclosure (NOD): 773
That means there are more properties under severe stress than are even listed. Just considering the auctions and REOs, that is 500 properties. Clearly, half of the current MLS lisings are not REOs. At some time those things are going to have to hit the market. And the rate NODs are going to become REOs continues to increase.
The listing price drops over the last few months has been nothing short of stunning to me.
Check out the numbers for your zipcode and then ask what the not too distant future holds for prices.
considering the number of mortgage houses that have recently gone under, perhaps those holdings are in limbo due to paperwork…
like, the sale of ameritrade to citi. those “assets” are trading hands and need to be sorted out… i think your title is exactly right, a flood, a tidal wave is coming..
it would be interesting to discover the backlog at the bankruptcy courts.
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