Shadow Inventory Finally Starting To Hit the Market
April 27th, 2010 Categories: Uncategorized
Doctor Housing Bubble reports Moving from the Shadows – More Distress Inventory Selling and Making it to Market in Southern California. Notice of Defaults Still High. 3 Cities in the Spotlight: Cerritos, Culver City, and Paramount.
…It was estimated that HAMP would help 3 to 4 million homeowners but currently only 228,000 loans are now in “permanent modification” although many re-default within a year. Many banks have now shifted and inventory is now moving its way to the public MLS. This trend is now showing up with many more homes coming to market. It may be the case that banks realize that with the federal $8,000 tax credit ending, and the California $10,000 credit starting in May, they have a short window to move inventory at higher prices because of these juicy incentives…
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