Welcome to summer! It is hot and the foreclosure sales are hot also! One of the economic articles that I read monthly had an interesting point. The major holders of the foreclosure properties, such as Bank of America, is predicting a drop in value over the next twelve months of about 3% – 5%. This tells me that they must have a lot more foreclosures to sell over that same period. It is the selling price of the foreclosures that is putting downward pressure on the overall medium prices.
The real estate market will simply have to work through it’s challenges to get to a better place. It is all about price if you want to sell, we know where that price is, call us, we can help.