Shadow inventory dropped 10.3 percent in July which bring us down to 2.3 million homes. This is a six-month supply. Of these, 1 million are seriously delinquent and more than a quarter of a million of these are foreclosures.
What this tells us is that there is still a fairly good supply of homes that will be coming to the market within the next six months. How slow or fast they come is the mystery. It is interesting to note that though one of the mega banks stated that they don't have "shadow inventory" (see earlier Patch article), here I am providing you shadow inventory statistics.
Our market will continue to have a mix of normal sales, short sales and foreclosures for at least another six months. If you have been waiting to get into the market, now is the time. Don't wait.
Just this past weekend, I was calling on availability, and I found that one home I inquired about had 20 offers on it and was told if we were going to make an offer, it should be $20,000 to $30,000 over asking in order to win. This is happening often and will continue so long as the banks are slowly releasing these homes into the market.
Remember, when we get old, we will regret the things we didn't do and not those that we did. If you are thinking of buying or selling, take advantage of what is going on now.
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