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| New home price reduction |
Date: 10-16-09 1:49 pm I was wondering about new home price reductions in Las Vegas. This is for homes scheduled to be built, homes in the process of being built but no buyer, and immediate move-in homes where the buyer bailed out. I'm looking at far southwest, west, or far north Las Vegas where it is not fully developed, but undergoing development. In other words, let's say a developer prices a house at $200,000. Under normal circumstances you have to pay at least $200,000 before all the add-ons. However, let's say you went to them (probably with someone like Rhonda!) and said I'll take the new home but at $179,000 (just as an example), would they take it considering the housing market conditions in Las Vegas? I live in Maryland and each house I ever bought had to start at the developer's price. Naturally, already-lived-in homes can have their price negotiated. One house on our block sold at $50,000 below the initial starting price which was already reduced at the start from the housing bust. Ouch! I see in Las Vegas even many foreclosures aren't selling regardless of price. BUT, I wonder about new home developments? Thanks. |
| Re: New home price reduction |
Date: 10-17-09 1:09 pm Well actually on the contrary we are selling our foreclosures and as a matter of fact they have multiple offers on them and are being bid way over the asking price. This is the lowest these prices have been in 12 years . Its hard for a family that wants to live in the home to get one because the investors are gobbling them up. As far as the new homes go, there is not a lot of them out there right now, the city has a tight limit on building permits but I have been able to negotiate prices with some builders because some will negotiate and some wont. It is the same way here as where you are , you start off at the standard price and add to the price with each upgrade you choose. I have also been successful in getting a couple of upgrades for the standard price.Its crazy that you can buy a home for 68.00 a sq ft but you cant possibly build one for that, thats why foreclosures are the way to go right now. The far south and north west are good areas. Let me know if there is anything I can help with.
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| Re: New home price reduction |
Date: 10-19-09 11:41 am [QUOTE=Rhonda;525276]Well actually on the contrary we are selling our foreclosures and as a matter of fact they have multiple offers on them and are being bid way over the asking price. This is the lowest these prices have been in 12 years . Its hard for a family that wants to live in the home to get one because the investors are gobbling them up.[/QUOTE] I'm wondering where the investment money is coming from, and if the current investment fund stream is sustainable. |
| Re: New home price reduction |
Date: 10-19-09 2:46 pm so many of these buyers are cash buyers and if not they are conventional buyers with a substantial down. They are coming from all over the world.
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| Re: New home price reduction |
Date: 10-19-09 2:48 pm [QUOTE=ajonate;525373]I'm wondering where the investment money is coming from, and if the current investment fund stream is sustainable.[/QUOTE] What did you buy? , you said you were coming down last month to buy .
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| Re: New home price reduction |
Date: 10-19-09 3:01 pm [QUOTE=Rhonda;525397]What did you buy? , you said you were coming down last month to buy .[/QUOTE] I made 5 cash offers, one for $12K over asking price and I'm paying all closing costs, but none were accepted. I tried to make it a simple for the seller as possible, basically getting it down to the point of trading a cashiers check for a deed. I got a "highest & best" request on two of them. The best I can tell that means that they aren't happy with any of the offers, even though they were both substantially higher than the asking price. That's a clear signal that they're playing games. I've stopped making offers since the banks are obviously not serious about selling. I haven't decided exactly what I'm going to do. Looking elsewhere, waiting for things to deteriorate more, and even staying where I am all come to mind. I own the home I live in now outright, so I'm in no hurry. |
| Re: New home price reduction |
Date: 10-19-09 4:13 pm [QUOTE=ajonate;525399]I made 5 cash offers, one for $12K over asking price and I'm paying all closing costs, but none were accepted. I tried to make it a simple for the seller as possible, basically getting it down to the point of trading a cashiers check for a deed. I got a "highest & best" request on two of them. The best I can tell that means that they aren't happy with any of the offers, even though they were both substantially higher than the asking price. That's a clear signal that they're playing games. I've stopped making offers since the banks are obviously not serious about selling. I haven't decided exactly what I'm going to do. Looking elsewhere, waiting for things to deteriorate more, and even staying where I am all come to mind. I own the home I live in now outright, so I'm in no hurry.[/QUOTE]\ Highest and best is because they got so many offers on the property, the banks are serious about selling, they just want to know how serious you are about buying lol. But now you see what I was talking about all along ,it is not as easy to buy a house as the media makes it sound.
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| Re: New home price reduction |
Date: 10-19-09 4:17 pm Oh and by the way ....12,000 over asking price is nothing. People are going 25,000 to 30,000 , My last client won it with 30,000 over.
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| Re: New home price reduction |
Date: 10-19-09 4:59 pm [QUOTE=Rhonda;525403]Oh and by the way ....12,000 over asking price is nothing. People are going 25,000 to 30,000 , My last client won it with 30,000 over.[/QUOTE] There must be a point to this game, but I really don't see it. |
| Re: New home price reduction |
Date: 10-19-09 7:09 pm [QUOTE=ajonate;525406]There must be a point to this game, but I really don't see it.[/QUOTE] The listing agents want activity on it so they list it about 20% below what the average comps are....this is what I have been saying to you all along. Whether you get the point of the game or not , I'M just glad you see I wasn't BS"ing you. I'm out there every week dealing with this. It is not only frustrating for the buyer.
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| Re: New home price reduction |
Date: 10-19-09 7:40 pm [QUOTE=Rhonda;525418]The listing agents want activity on it so they list it about 20% below what the average comps are....this is what I have been saying to you all along. Whether you get the point of the game or not , I'M just glad you see I wasn't BS"ing you. I'm out there every week dealing with this. It is not only frustrating for the buyer.[/QUOTE] There, you just said it yourself, the game is to get "activity". If they wanted 20% more for the property then all they have to do is ask for it, but they don't. They prefer to have "activity" than to have a quick, clean sale. Actually, I knew it was a game after talking to the very first realtor. I told her that I had a house to sell in Elko, so I asked if I could do the same thing that the banks are doing. The exchange went something like this: [B]Me:[/B] Can I do that too? [B]Her:[/B] No. [B]Me:[/B] Why not? [B]Her:[/B] Because if you contract to sell you house for a certain asking price, and the realtor brings a qualified buyer willing to pay that price, you are contractually obligated to pay the realty fee if you refuse to sell. [B]Me:[/B] So why don't realtors do that to the banks? [B]Her:[/B] Because banks would refuse to entertain bids from a realtor who did that to them, and the realtors know that the bank has more houses to sell. So you see, it's not about getting the price they want, since all they have to do is ask for it. It's also not about making it easy on the asset manager, since the additional "activity" will actually make more work for him. It's about wielding authority, since that's all that's left. Think of it like someone who enjoys holding a bone in the air in a dog kennel to watch all the dogs all jump for it. Sorry, but I'm done jumping for the bone. They know where I am and they know I have the money, so if they have something they really want to sell then all they have to do is call. I'm disgusted and I'm sure it shows. It should, since I spent 2 weeks making a fool of myself driving around Las Vegas burning gas, looking at properties, and making offers. I'm sure someone got a good laugh out of it. My time would have been better spent feeding video poker machines back at the hotel with the gas money. Mark my words, someday someone will sue an asset manager for this, and probably drag a few realtors down with him. |
| Re: New home price reduction |
Date: 10-20-09 12:31 pm [QUOTE=ajonate;525420] [B]Me:[/B] Can I do that too? [B]Her:[/B] No. [B]Me:[/B] Why not? [B]Her:[/B] Because if you contract to sell you house for a certain asking price, and the realtor brings a qualified buyer willing to pay that price, you are contractually obligated to pay the realty fee if you refuse to sell. [B]Me:[/B] So why don't realtors do that to the banks? [B]Her:[/B] Because banks would refuse to entertain bids from a realtor who did that to them, and the realtors know that the bank has more houses to sell. Mark my words, someday someone will sue an asset manager for this, and probably drag a few realtors down with him.[/QUOTE] Well actually shes wrong about that, if you are brave enough to list your house at a price the bank would list it for , you too would also get multiple offers and if it was priced below comps you would get the going value for it, just like the banks do. You could also send out highest and best multiple offers. Its just that most sellers today cant afford to compete with the banks. An asset manager can not be sued for selling their property to the highest bidder , they are not doing anything illegal and they sure cant sue a Realtor, whats the Realtor doing besides submitting the buyers offers lol Since you are just buying for investment reasons , its strange that you do not have an accepted offer yet......It may be tough but I get all my buyers a house but then again I have a few secret tricks too and nothing illegal or dishonest .
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| Re: New home price reduction |
Date: 10-20-09 1:32 pm Is there some reason why I can't go to a trustee sale myself? |
| Re: New home price reduction |
Date: 10-20-09 6:43 pm [QUOTE=ajonate;525462]Is there some reason why I can't go to a trustee sale myself?[/QUOTE] Well why don't you just go to an auction, but you are going to have the same issues. If you are talking about going straight to a bank to buy before they list it on the market, Ive never heard of that but you would have to find a dumb asset manager to sell it directly to you .....they know whats happening out there but check into it, you have nothing to lose.
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| Re: New home price reduction |
Date: 10-20-09 7:29 pm [QUOTE=Rhonda;525482]If you are talking about going straight to a bank to buy before they list it on the market, Ive never heard of that but you would have to find a dumb asset manager to sell it directly to you .....they know whats happening out there but check into it, you have nothing to lose.[/QUOTE] Er no, I'm talking about a trustee sale. At that point the property isn't in the bank's name yet, it's still in the defaulted borrower's name. The trustee sale is where the property is offered for conveyance but the mortgage company has to bid for the property if they want it, even though the mortgage company is the beneficiary of the trustee sale proceeds. It wouldn't matter how dumb the asset manager might be, because the property isn't his to sell at that point. The bank can, of course, bid competitively for the property, but they have a few factors to consider if they win and have to sell the property on the market. 1) The bank assumes a certain amount of risk in regard to the condition of the house. 2) The bank assumes a certain amount of risk concerning liens & title. 3) It will take time to market and sell the house. 4) The borrower may still be living in the property, so legal fees may be necessary to get him out. 5) Once the property is listed the bank will have to share part of the profit with one or more realtors. So you see, it can pay to let the property go at a trustee sale for considerably less than they might sell for after the bank gets title, without really giving up anything. That's because a trustee sale buyer assumes a certain amount of risk. By the way, once a property is owned by the mortgage company from the trustee sale it isn't really a foreclosure property anymore. It's more properly called a bank reo (real estate owned), which is a term I'm sure you see all the time. When prospective buyers call a realtor and ask about foreclosure properties they're really asking for a reo, but it's really very different. A realtor would never get a true foreclosure property listing. |
| Re: New home price reduction |
Date: 10-20-09 8:22 pm I will not say for 100% sure but I do not think you are totally correct on all of this . Realtors do get REO"S and yes I do know what they are of course . I also know that they have the foreclosed notices on the doors . All I know is I have a lot of experience in sellng REO"s and short sale properties which of course is before it is foreclosed on. Since you seem to know so much about it why arent you buying that way. Anyway good luck to you again.
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| Re: New home price reduction |
Date: 10-20-09 8:42 pm [QUOTE=Rhonda;525488]I will not say for 100% sure but I do not think you are totally correct on all of this . Realtors do get REO"S and yes I do know what they are of course . I also know that they have the foreclosed notices on the doors . All I know is I have a lot of experience in sellng REO"s and short sale properties which of course is before it is foreclosed on. Since you seem to know so much about it why arent you buying that way. Anyway good luck to you again.[/QUOTE] Well, a short sale is another matter, but it's also not a foreclosure. Normally a bank agrees not to go ahead with foreclosure proceedings during a short sale. The foreclosure notices on the doors are left over from the default. The h6ouse *was* in foreclosure before the trustee sale, but not after. The foreclosure is over at the trustee sale. Look at the recorder's office for any reo. First the Default is filed, then the Substitution. The Substitution assigns the property to a trustee to sell the property. A Trustee Sale is the next document filed, which conveys the property to the buyer, which might be the mortgage company. I'm headed to Las Vegas tomorrow to attend a few trustee sales. I'll PM you some info on that in a few minutes. By the way, it looks like I'll live in what I buy, due to a health problem of my friend. |
| Re: New home price reduction |
Date: 11-24-09 6:55 pm As a follow-up to this thread before it drops off the radar completely, I did attend the trustee sale in Las Vegas for several weeks, and have stayed in contact with Rhonda pretty much throughout the process. I successfully bid on a house in North Las Vegas, although Rhonda is not impressed with the neighborhood. The price was good though; perhaps half what the house would go for with conventional real estate listing. At $30,100 for a 4 br, 1.5 ba house with over 1000 sq, ft, I can’t really complain. However, there are properties in all zip codes, all neighborhoods, and all price ranges available at trustee sales. At the current rate of foreclosures, a typical Las Vegas trustee sale will sell about 500 residential properties each weekday (sometimes over 700), with probably 95% or more taking no bids and reverting back to the bank. Trustee sale investors are very picky about what they’ll buy, and even more picky about what they’ll pay. But trustee sales aren’t for everyone. Here are the primary concerns. [INDENT]1. You have to be prepared to pay cash. There is really no way around that. You will need to pre-qualify each morning to be allowed to bid. To pre-qualify you must present the office with a cashiers check (payable to yourself) for your maximum anticipated bid. You may only bid up to the amount of your cashiers check. If you successfully bid you will need to pay for the property with your cashiers check immediately after you make your successful bid. 2. You must subscribe to a service to get the property listings coming up in future trustee sales. Since it’s a daily publication it isn’t cheap -- $100/month. There is also a service that has daily reports, but that's $25 on a daily basis. Send me a private message if you need to know who to subscribe with to get trustee sale listings for Las Vegas. 3. From the property listing, you must do your own diligence. You need to research where the property is, what the house is (beds, baths, sq ft, age, etc.), and if there are any liens. With 500 properties listed each day and spending 4 to 5 hours at the auction each day, it can be a huge job. Diligence can be done completely online, but there are certain risks in doing that. 4. Don’t be surprised if a property you have done diligence on is removed from the sale. Many are removed each day, sometimes several hundred. The sale can be canceled or delayed for a number of reasons. The foreclosure could have been settled by mutual agreement between the bank and borrower, the sale could be canceled due to bankruptcy, or the sale could simply be delayed for trustee convenience. Just be aware that it’s very common for a property to be removed or delayed. 5. All sales are final. You assume all risks associated with the house. That includes the condition of the house and the condition of the title. Regardless of what you find in the house and regardless of any liens, it’s yours. You can’t back out of the sale. Sorry for saying the same thing over and over, but I don't want any misunderstandings about that. 6. It’s common for the defaulted buyer or a renter to still be living in the house. In fact that will be the case about 80% of the time with trustee sale properties. You will need to either work something out with the resident to get him out, or file an unlawful detainer asking the court to force him out. In any case, it’s your responsibility to deal with it. 7. The trustee sale is not a particularly comfortable place to be. It’s held outside of an office building in a parking lot. It’s difficult to see your laptop screen, it’s difficult to hear, and you’ll need to bring your own lawn chair(s). The properties are offered in no particular order so you need to listen very carefully to the offerings. They talk very fast, spending maybe 15 seconds on each property, unless bidding gets involved. 8. Don’t expect to have instant success. I attended trustee sales for several weeks before I found something suitable. Your luck may be better, but be prepared to work at it. Just don’t get into a hurry and buy something that you haven’t researched yourself. 9. There is no title policy included with the sale. You will be provided with a recordable deed and declaration of value form, but you will need to arrange for recording the documents yourself. After that, if you wish to have a title policy you will need to contact a title company, which will typically cost in the $400 to $500 range.[/INDENT] I’m not trying to discourage anyone from attending a trustee sale, but you need to understand what you’re getting into. Yes, there are properties available for half market value, but there are also risks. If you still wish to know when and where the trustee sale is held in Las Vegas, send me a private message and I’ll provide you with that information. If you are uncomfortable about doing the research yourself, there is a service that has about 60 employees researching properties that are coming up for trustee sale (driving to properties, doing title searches, etc.), and will even bid on your behalf if you wish. He streams an audio of the trustee sale to subscribers, and is in constant IM & cell phone contact. You could conceivably buy trustee sale properties from any location that has a high-speed Internet connection. But it isn’t cheap ($2000 to $4000 per property purchased for you, depending on purchase price). I’m not endorsing the service, but send me a private message for contact information if you want to learn more. I’ve got a lot of work ahead of me. The previous owner is still in the house, and will stay there until after new years. After he’s out, I’ve got a lot of painting to do; both inside and out. Then I start on the yard. |
| Re: New home price reduction |
Date: 11-24-09 7:30 pm [QUOTE=ajonate;528277] The previous owner is still in the house, and will stay there until after new years. After he’s out, I’ve got a lot of painting to do; both inside and out. Then I start on the yard.[/QUOTE] Wow, that's a lot of effort. It sounds scary. Good luck with this and please let us know how it works out. |
| Re: New home price reduction |
Date: 11-24-09 8:32 pm [QUOTE=thebat;528280]Wow, that's a lot of effort. It sounds scary.[/QUOTE] The risks are very real, but so are the benefits. The house I bought sold for $178,000 just 3 1/2 years ago, and I got it for $30,100. While I'm not pretending that the house would command anywhere near $178,000 in today's market, I think it could easily bring $60,000. I guess you have to decide for yourself if the trouble and risk of buying at a trustee sale is worth getting a house for half price. To some it is, to others -- maybe not. |
| Re: New home price reduction |
Date: 11-25-09 2:02 am In the area he bought in you can get them for those prices all the time. Even foreclosures...... Just make sure you do crme checks etc before you do and also make sure you get home inspections before you buy a house for that price. There is a reason a house is being sold for that price. It may be up to the buyer to find out why. Always remember the saying "Buyer be ware" Because no one will be responsible for what you end up with but you.
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| Re: New home price reduction |
Date: 11-25-09 9:39 am [QUOTE=ajonate;528277]I successfully bid on a house in North Las Vegas, although Rhonda is not impressed with the neighborhood. The price was good though; perhaps half what the house would go for with conventional real estate listing. At $30,100 for a 4 br, 1.5 ba house with over 1000 sq, ft, I can’t really complain. .... [/QUOTE] What are the major cross streets for this neighborhood? Are you gonna live in this home? thx |
| Re: New home price reduction |
Date: 11-25-09 11:50 am [QUOTE=Rhonda;528318]In the area he bought in you can get them for those prices all the time.[/QUOTE] I couldn't find one for that price. I saw a lot of them listed for those prices, but when I made offers on them they were turned-down. As I told you, I made offers of up to $12K over asking price but got nothing. You may recall that you told me that I would need to offer more like $30K over asking price to have it accepted. If I could have found one for that price through MLS then I would have bought it. |
| Re: New home price reduction |
Date: 11-25-09 11:53 am [QUOTE=chipper;528331]What are the major cross streets for this neighborhood? Are you gonna live in this home? thx[/QUOTE] It's close to I-15 & Cheyenne. I don't know if I'm going to live in it or not. I'll stay there while I fix it up, but ask me again this spring and I'll have an answer. |
| Re: New home price reduction |
Date: 11-25-09 2:38 pm When I talk about Real estate I usally am talking about homes in aeas like Summerlin, Centennial Hills, Aliante, Eldorado, Spring Valley, Silverado Ranch, Green Valley etc.......the reason is because thats what most people ask me for information on. Here is a list of homes that sold on mls for that cheap in the 103 area. [URL]CMA-RES Comp Sum (Sold)- (MLX)[/URL] not sure why I cant get the link to work , but they range from 30,000 to 38,600....those are foreclosed homes. Total Listings: 15 SqFt SP/SqFt List Price Sale Price DOM CDOM Average 970 $ 44.37 $36,196 $43,362 39 141 Minimum 724 $ 30.74 $30,000 $30,000 1 36 Maximum 1,582 $ 58.35 $39,500 $92,310 233 499 Median 968 $ 44.89 $36,580 $40,000 19 75
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| Re: New home price reduction |
Date: 11-25-09 3:12 pm I'm just not understanding why you didn't sell me one if you had one. You've known the details of my needs since last spring when I first contacted you. Just curious, but do those comps include condos? Do they include properties that reverted back to the bank at the trustee sale on minimum bid? Were any of the homes copper-stripped, vandalized, or have fire or water damage? |
| Re: New home price reduction |
Date: 11-25-09 4:41 pm Nate you have never asked me once for any help in finding you a place . I do not ask for business on this site , I just give my professional opinions and guidance . I would never ask you for your business, If you wanted my help you would of asked me. But I did give you a ton of information free of charge. You also never told me you were looking in areas that are questionable or if you did , I don't recall that. I would of been very happy to help you that is why I gave you as much information as I could to make you understand our market. Even though you post on my site about doing things on your own and you even told me you thought it was your place to warn buyers that it wasn't a good time to buy , I still answered your questions very honestly. You have read other peoples experience with me but you still choses not to ask me, so I'm not sure what more you wanted from me. I'm happy for you that you got a house but I'm just saying you didn't do anything special that I cant do for someone, and save them a lot of grief and headaches. Good luck with your home. Edited to say........I looked up the properties and they are good to fair condition and in that area and price range that is all you can ask for.
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| Re: New home price reduction |
Date: 11-25-09 5:02 pm [QUOTE=Rhonda;528349]I looked up the properties and they are good to fair condition and in that area and price range that is all you can ask for.[/QUOTE] Were those listings or sales? |
| Re: New home price reduction |
Date: 11-25-09 6:03 pm Does the property tax on this home reflect the low selling price? Or are they 'stuck' on the past evaluation? just curious. |
| Re: New home price reduction |
Date: 11-25-09 7:48 pm [QUOTE=ajonate;528351]Were those listings or sales?[/QUOTE] All 15 properties were sold prices, thats all I looked for. [QUOTE=thebat;528364]Does the property tax on this home reflect the low selling price? Or are they 'stuck' on the past evaluation? just curious.[/QUOTE] From what I understand , If the property hasn't been reassessed, you can put a written request in for it to be reassessed to the lower sales price.
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| Re: New home price reduction |
Date: 11-25-09 7:53 pm [QUOTE=thebat;528364]Does the property tax on this home reflect the low selling price? Or are they 'stuck' on the past evaluation? just curious.[/QUOTE] According to the assessor's office web site, the taxable value has been reduced from $90,383 last year to $50,883 this year, so it was reduced considerably. However, the fact that the property sold for $30,100 hasn't hit the county offices because the bank hasn't produced a deed for me to record yet. While the assessor's office has to take all sale prices into account eventually, I suspect they will be going by their own formula that averages the entire neighborhood. But in looking at the tax payments over the past two years, the treasurer's web site shows that the tax is almost the same this year as it was last year, just over $600/year, payable in quarterly payments of about $150. That makes it right at about $50/month. I'll be interested to see if taxes come down next year. I can live with $50/month in property taxes. After all, I'll be living rent & mortgage free. |
| Re: New home price reduction |
Date: 11-25-09 8:04 pm [QUOTE=ajonate;528368]A I can live with $50/month in property taxes. After all, I'll be living rent & mortgage free.[/QUOTE] Yes true to that ....:12:
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| Re: New home price reduction |
Date: 11-29-09 6:22 pm I was looking at the Century 21 website today and searched for homes from 100-250K. I was amazed at how many homes were available and the quality of the properties for the price. If I didn't have this 'grandkids' problem I'd be out there in a heartbeat. But bride will never abandon her grand babies! :{ |
| Re: New home price reduction |
Date: 11-29-09 9:37 pm [QUOTE=Sailor53;528596]I was looking at the Century 21 website today and searched for homes from 100-250K. I was amazed at how many homes were available and the quality of the properties for the price. If I didn't have this 'grandkids' problem I'd be out there in a heartbeat. But bride will never abandon her grand babies! :{[/QUOTE] I dont have experience with the grandkid thing yet ......but it wont be long and I think I can understand that already lol.
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| Re: New home price reduction |
Date: 12-26-09 11:27 pm [QUOTE=Rhonda;525418]The listing agents want activity on it so they list it about 20% below what the average comps are....this is what I have been saying to you all along. Whether you get the point of the game or not , I'M just glad you see I wasn't BS"ing you. I'm out there every week dealing with this. It is not only frustrating for the buyer.[/QUOTE] Evidently there is some sense to bank reo's not hitting the market. The foreclosures continue, but the banks aren't putting them on the market, as many of us anticipated they would have to. The reason is that in April banks got a break in the "mark to market" rules being relaxed. Specifically, I'm talking about FAS 157 & FAS 159, which allow a bank to value an owned asset at the "future value" instead of the current market value, as long as they say they'll sell the asset at a later date. Of course, that allows a bank to say that a repossessed property is worth anything they say it's worth, regardless of current market conditions. This clip explains the changes and how it effects banks. [url]http://www.youtube.com/watch?v=G0zVsMIYmD4[/url] Therefore the bank balance sheets don't have to reflect asset losses through property devaluation, so they can hold bank reo's for as long as they wish. They're going to be holding them as rentals and rent-to-own units a lot more in the future. That's why we aren't seeing bank reo's flooding the market. The banks will be letting them go a few at a time, as soon as they can afford to post the losses. That may carry them into a housing market recovery for a lot of the properties they are holding. |
| Re: New home price reduction |
Date: 12-28-09 8:25 pm Yes, thank you for the information but I have been going to meetings on this for awhile now. I am glad they are not flooding the market , it was a mess when they did, the only thing I dont like is now the bidding wars on a house are going to be even worse since there are not as many houses to choose from and people are saying the prices will start to climb.
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