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Monday, May 23, 2011
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14 comments:
Sales hurt as lenders
foreclosure glut rises
http://www.nytimes.com/2011/05/23/business/economy/23glut.html?hp
All told, they own more than 872,000 homes as a result of the groundswell in foreclosures, almost twice as many as when the financial crisis began in 2007, according to RealtyTrac, a real estate data provider. In addition, they are in the process of foreclosing on an additional one million homes and are poised to take possession of several million more in the years ahead.
Five years after the housing market started teetering, economists now worry that the rise in lender-owned homes could create another vicious circle, in which the growing inventory of distressed property further depresses home values and leads to even more distressed sales. With the spring home-selling season under way, real estate prices have been declining across the country in recent months.
there is a graphic that says even in DC the banks are sitting on 11 months of foreclosure sales.
That's a pretty large inventory. I wonder why they would let it swell in "healthier" areas. Would make more sense to manipulate the REO inventory in Detroit or Las Vegas. Maybe they're not that sophisticated, or maybe it really is a resource issue rather than manipulation.
Kevin-
I do believe it is a resource issue. Basically they are to cheap to hire and train a bunch of people, so instead the glut continues to grow.
Pat-
calculated risk thinks that realtytrac continues to overstate inventory. I think we did some quick research that said the same thing. Either way CR thinks the glut is slightly under 600K homes, which is still a ton, but less than the 872K number. It also looks like this inventory has been fairly flat over the last couple of years.
http://franklymls.com/AR7609038
cute place, decent location,
price isn't too crazy....
it will sell
now 300K for a 2/1 seems a little odd to me.
Pat, why does the price seem odd? The land alone is worth more than that.
Good news for people who own rental properties (though this is a national rather than a local article):
Troubled home market creates generation of renters
Ace
will it rent for 3000/month?
http://franklymls.com/AR7554697
Ace
if you thought the first one was a deal then you should think this one is a Steal.
3/2 North Arlington 345K.
needs work but lots of places do.
I give the seller credit, they reprice every 2 weeks.
now it's interesting, the Taxes were 505, so it's down 30% from assessed, but it's a single family owned it for 40 years, so whatever they sell it for, they make a fortune.
Pat,
Where do you get the $3k per month figure? I'm guessing you're using ridiculous numbers for insurance and taxes again. I purchased a home for over $100k more than that 19th rd house and pay well under $3k/month. I pay well under $2500 for that matter...
My $0.02
pat, did you see that it was advertised as a tear down? My point is that developers may be happy to plunk down $300K for the land. If so, it doesn't matter what the structure is--it probably would cost less than $20K to tear it down.
I personally think it is risky for a developer to build at that location at this time, but I am not a developer.
Pat,
http://franklymls.com/AR7554697
also looks like a tear down, from the description. If the lots are similar from a desirability standpoint, probably developers would view them the same way and be willing to pay about the same for them.
I would have thought that as long as you have been looking at similar properties, you would be thinking about your competition from developers.
I don't pretend to know what these two properties will eventually sell for.
Holy Cow!
I want to know what these people were smoking last July?!
http://franklymls.com/AR7610753
Check out the original listing price in the history. $799k!
My $0.02
Ace,
DC Metro vacancy rate is 3.5% vs the national average of 7%...then look at our unemployment, income, job creation...
YOY rents were up 8% locally. Now LL's have a captive supply of long-time renter's. I always said investor's would put in a floor on prices (on the lower end) but didn't anticipate first-timer's to be locked out whether due to financing or fear.
Time to turn out the lights?
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