Sales Are Strong But Inventory is Low!
Sunday, May 17, 2009
In San Joaquin County, historically very low mortgage interest rates have combined with very low prices driven by foreclosures which brought out all the buyers in bunches. Now, we seem to be running out of inventory! Where is are all the new foreclosure listings? That’s what all the Stockton REALTORS® are asking about now, especially since we all have learned how to work with and get along with banks and asset managers. We have the lowest number of homes on the market since 2005. Well, if you think the foreclosures are done, just drive around town and try and count all the vacant houses!
RealtyTrac: April foreclosures rise 32 percent…MIAMI — The number of U.S. households faced with losing their homes to foreclosure jumped 32 percent in April compared with the same month last year, with Nevada, Florida and California showing the highest rates, according to data released Wednesday.
More than 342,000 households received at least one foreclosure-related notice in April, RealtyTrac Inc. said. That means one in every 374 U.S. housing units received a foreclosure filing last month, the highest monthly rate since the Irvine, Calif.-based foreclosure listing firm began its report in January 2005.
April was the second straight month with more than 300,000 households receiving a foreclosure filing, as the number of borrowers with mortgage troubles failed to abate.
