- This topic has 72 replies, 18 voices, and was last updated 17 years, 6 months ago by
(former)FormerSanDiegan.
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June 21, 2007 at 2:37 PM #61146June 21, 2007 at 2:37 PM #61109
SD Realtor
Participantrecordsclerk –
I would add in more desireable must sell inventory… I would like to see some must sell inventory in the neighborhoods I want to buy in… not in the neighborhoods I don’t really care for.
SD Realtor
June 21, 2007 at 3:09 PM #61117donaldduckmoore
ParticipantSD Realtor, why are REO properties take so long to be put back in the market. Don’t banks get enough of them in hands, and want to get rid of them sooner? you are right, I only see REO on MLS once in a while, not a lot.
June 21, 2007 at 3:09 PM #61154ParticipantSD Realtor, why are REO properties take so long to be put back in the market. Don’t banks get enough of them in hands, and want to get rid of them sooner? you are right, I only see REO on MLS once in a while, not a lot.
June 21, 2007 at 3:20 PM #61119an
ParticipantWith the kind of pricing I’ve seen with the REO on the MLS, I don’t think they’re that motivated to sell. Some of them have been on the market for a very long time too. So far, it seems like only the builders have taken the initiative to move inventory. We’ll see if the bank will be more willing to move inventory after the ARM readjustments in the next 18 months. At this point, REO is just as wishful in pricing as some sellers.
Oh, and since I’m looking to buy in MM, I’m glad MM made it to the top 500 foreclosure zip code. :-D.
June 21, 2007 at 3:20 PM #61156ParticipantWith the kind of pricing I’ve seen with the REO on the MLS, I don’t think they’re that motivated to sell. Some of them have been on the market for a very long time too. So far, it seems like only the builders have taken the initiative to move inventory. We’ll see if the bank will be more willing to move inventory after the ARM readjustments in the next 18 months. At this point, REO is just as wishful in pricing as some sellers.
Oh, and since I’m looking to buy in MM, I’m glad MM made it to the top 500 foreclosure zip code. :-D.
June 21, 2007 at 3:32 PM #61125ParticipantDonald I don’t know man… The REO pricing is beyond my comprehension…I would figure that the banks would price them aggressively but they never seem to do that… go figure.. Also I would think the minute the trustee sale completes and the property goes to REO you would think the bank would want to get it back on the MLS immediately but it doesn’t seem to happen that quickly…
Some people have already suggested that the banks/lenders already have alot of housing stock that they have not released on the market for fear of flooding the market…Maybe true, maybe not…
Anyways sorry I can’t help much on that one.
SD Realtor
June 21, 2007 at 3:32 PM #61162ParticipantDonald I don’t know man… The REO pricing is beyond my comprehension…I would figure that the banks would price them aggressively but they never seem to do that… go figure.. Also I would think the minute the trustee sale completes and the property goes to REO you would think the bank would want to get it back on the MLS immediately but it doesn’t seem to happen that quickly…
Some people have already suggested that the banks/lenders already have alot of housing stock that they have not released on the market for fear of flooding the market…Maybe true, maybe not…
Anyways sorry I can’t help much on that one.
SD Realtor
June 21, 2007 at 3:47 PM #61168no_such_reality
ParticipantActually, didn’t the 89-90-91 peak work basically the exact same way as it is this time? Prices kept moving up, volume slowed, then it flat line and turned.
June 21, 2007 at 3:47 PM #61131ParticipantActually, didn’t the 89-90-91 peak work basically the exact same way as it is this time? Prices kept moving up, volume slowed, then it flat line and turned.
June 21, 2007 at 4:06 PM #61151recordsclerk
ParticipantI remember reading something about lenders/banks don’t want to price the REO’s to aggressively because that would affect the comps. This would hurt the people needing to refi. It would also perpetuate a decline in prices. They are trying to keep this thing afloat anyway they can. At some point banks are going to have to lower pricing to move inventory.
SDR,
I agree I would like to see more must sell inventory in nicer areas. I do think that at one point pricing in less desirable areas will affect the higher end market.June 21, 2007 at 4:06 PM #61188ParticipantI remember reading something about lenders/banks don’t want to price the REO’s to aggressively because that would affect the comps. This would hurt the people needing to refi. It would also perpetuate a decline in prices. They are trying to keep this thing afloat anyway they can. At some point banks are going to have to lower pricing to move inventory.
SDR,
I agree I would like to see more must sell inventory in nicer areas. I do think that at one point pricing in less desirable areas will affect the higher end market.June 21, 2007 at 4:18 PM #61157ParticipantLet’s hope so guys…. my wife has an itchy trigger finger and I am getting deeper in debt to her… the longer I have to wait to buy the worse it is getting… I think I would rather be in debt to the lender at this point.
SD Realtor
June 21, 2007 at 4:18 PM #61194ParticipantLet’s hope so guys…. my wife has an itchy trigger finger and I am getting deeper in debt to her… the longer I have to wait to buy the worse it is getting… I think I would rather be in debt to the lender at this point.
SD Realtor
June 21, 2007 at 4:32 PM #61159Participant -
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