It always amazes me that what's old is new again. It's like we are becoming Hippies again. What's amazing about it is that we never seam to learn from the past. Do we not remember what happened in 2005 and 2006? It's not rocket science folks. When you have pent up buyer demand, and a shortage of "attractive" supply, you inevitably get a buying frenzy when you finally get a supply of "desirable" supply. At the moment the supply of Foreclosures in Tucson are keeping pace with, if not, exceeding buyer demand. Soon the cat will be out of the bag, and buyers will be scooping up these homes faster than you can shake a stick at them. We are already seeing homes sold in less than 30 days on the market. In some cases we are seeing homes sold in 3 and 4 days again. What was old is now new again.
If you are interested in looking at foreclosed/bank owned homes, and would like to get a good shot of buying one of them, may I suggest you "get on the bus". For more information on Tucson's foreclosure tour bus, please visit our web site at www.thepepper.com We would be happy to assist you in finding just the right home at just the right price.
Bargain-hunters are descending upon Cape Coral-Fort Myers, Fla., the foreclosure capital of the country, writes June Fletcher in an article in today’s Journal. In February, the southwest Florida metro area had the highest foreclosure rate in the U.S., according to RealtyTrac of Irvine, Calif., which tracks notices of mortgage default, house-auction notices and bank repossessions. One in 84 households in the area was in some stage of foreclosure last month.
One homeowner’s misfortune is another’s great deal: Cape Coral buyers are snagging homes for as little as half the original asking price, according to the article. Bidding wars are breaking out for some foreclosed homes. Ms. Fletcher writes about Tim Post, a “veteran flipper,” who bought a waterfront penthouse in Cape Coral for $300,000, down from a $499,000 asking price.
Other metro areas with high foreclosure rates include Miami, San Diego and Las Vegas. This got us thinking, should we expect more bidding wars and bargain hunters flooding these desirable markets?
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