The Inventory is not done being cleared out and we are a long way off from that happening.
http://www.tcpalm.com/news/2009/jul/25/in-todays-treasure-coast-housing-market-cash-is/
Quote:
Realtors and real estate analysts say the glut of foreclosures and short sales on the Treasure Coast has created some extraordinary once-in-a-lifetime deals for prospective buyers — including homes as low as $34,770. But in today’s real estate market, those buyers better be prepared to pay for that dream home in cash.
Some Realtors say getting rid of excess inventory is good for the Treasure Coast, especially in the current housing climate. Others argue that first-time home buyers using traditional financing might not be getting a fair shot at buying moderately priced homes and distressed properties, ranging from $50,000 to $120,000, because of aggressive cash ready investors.
“The sad thing is, we’re seeing a lot of investors gobbling up these homes in cash for rental properties,” said Sharon Kelly-Brown, who owns a real estate firm under her namesake in Port St. Lucie. Kelly-Brown said today’s homes are finally within reach of young families and the workforce population, but ironically, investors are scooping up them up, a trend reminiscent of the early housing boom days of 2003. Additionally, she said dozens of Treasure Coast families have lost out on purchasing low-priced homes to cash buyers or out-of-town investors after lengthy and often frustrating bidding wars.
|
They are back in Port St. Lucie for another round.
For every home I survey for a closing 4 more around it sit empty or abandoned. We have a long way to go here before a builder will be needed. Sadly for every house I survey, which is about 5-6 a day, that equals $150K or more in losses for a bank. Which means the bleeding has not stopped in the financial world.