Here is my take on all of this. You don't have to be an economic genius to understand that when demand is higher than the supply of anything, you will have an increase in price. We already have pent up buyer demand, so as the foreclosure inventory starts to get bought up and the supply starts to dwindle, we will have bidding wars again just like in 2005 and 2006.
So my recommendation is that you get on the bus and purchase a good home at a great price, before everyone starts to come out of the wood work and you get left standing at the curb again.
For more information on the Tucson Foreclosure tour bus please visit\\
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?
No comments:
Post a Comment