Wednesday, March 10, 2010
Active Listing Inventory Remains Low For Fresno Home Buyers!
The reason it's hard to find a home sometimes is because the inventory is low. Today I found that for all of Fresno and Clovis, residential homes and condos for sale, there was a total of 1758 active listings. This number includes the "short sales", of which there was 409 short sales. So really, there are 1349 active listings that can be bought today. Most buyers do not want to endure the effort it takes to buy a short sale and that is understandable. 1349 listings is a low number for all of Fresno and Clovis. Of the 1349 active listings, 362 of them are "bank owned" REO's.
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Tom, Tom, Tom. You should know as well as anyone else that the short sale piece (HAFA) of HAMP starts April 1st. Under this the bank has 10 days to accept an offer, and they have to accept this offer if it's with in the terms and conditions of their predetermined agreement.
Then housing economist Tom Lawler recently wrote a paper where he figured current REO's (you know, the stuff the banks actually have taken back, not the homes where the 'squatter' has been living payment free for 18 months) are about 500,000. That's a lot, eh? RealtyTrac puts it closer to 600,000 homes that banks have taken back but not put on the market. Man, imagine those homes added into the local inventory.
On top of this an analyst from Amherst stated that an estimated 7.5 million owners are behind on at least one payment and have a very limited chance of getting caught up. These are the homes that the banks have done nothing with but allow the people in them to continue to live payment free. Some day something will have to be done with all of those homes, don’t you agree?
I think it's all a matter of perspective Tom. As Upton Sinclair once said, "It is difficult to get a man to understand something when his job depends on not understanding it." I think you fall in that category.
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