Foreclosures have hit the brakes. There are not many on the market for sale as they once were several years ago. Those great deals have passed and are hard to come by. But when a foreclosure does come on the market, it’s quickly snatched up with multiple offers inevitably forcing a bidding war. Only the risky fortunate investors win out. Plus, property auctions are seeing a huge influx of investors battling for the best investment propety offering the highest return.
The trickling effect of releasing bank foreclosures into the market doesn’t appear to be changing in the near future either as homeowners have currently found themselves above water and not drowning in debt. Bank and financial institutions that do have an inventory of foreclosures to sell are holding onto the properties and waiting for the right time, or they’re slowly muddling through the everlasting preforeclosure legal protocol to then be approved to foreclose.
Not only that, but the number of all foreclosures in the pipeline also hit a low level (1.74%), declining three basis points quarter-to-quarter. Time will tell, but this is good news for homeownership, but bad for the bottom feeders.
From Florida Realtors® News
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