Banks working through Short Sales more quickly
Traditionally fall is slower, but my expectation is with the buyer’s credit available through November 30, this will continue to drive the lower end pricing.
I’m seeing a very small drop in the number of homes sold and more and more homes in escrow.
Perhaps the number of homes in escrow for a lengthy period will drop as the banks get more of a handle on short sales which some say is coming in the near future. For myself, I am seeing that some banks are working through short sales more quickly.
It appears interest rates will stay down at least in the short term, which I believe is helping to fuel purchases along with the $8,000 first time buyer’s credit that ends November 30, unless it’s extended.
Compared to last year, looking just at Costa Mesa, 334 homes on the market, 43 sold in September and 6 months of inventory, today 152 homes on the market, 56 homes sold so far with a few days still to go and the end of the month yet to be counted, and only just over 2 months of inventory.
Today in OC, there are almost 40% fewer homes on the market than there were just a year ago.
Under $750,000 is hot, under $500,000 is even hotter. Foreclosures are red hot, though there aren’t as many to buy as there used to be.
