Mozart commented this morning:
“Like it or not, things are getting better. Home prices and incomes are balanced. Things are still tough but stability is great news. Extremely well qualified buyers are now the norm.”
“We’ll piddle along for the rest of the year. Substantial price gains are a ways out but this grind along the bottom is over.”
Demand has been steady enough that sales of bank-owned properties have been strong – additional REO listings should be welcomed by antsy buyers in all areas, unless supply overwhelms demand.
Buyers waiting for foreclosures can check this comparison for their specific area. The bolded areas below have had a significant increase in NODs and NOTSs over six months ago.
Here are the foreclosure counts from November 13th, and today:
|Town or Area||Zip Code||Nov. NOD/NOTS/REO||May NOD/NOTS/REO||diff|
|San Marcos N||92069||152/93/184||232/137/68||+7|
|San Marcos S||92078||122/71/135||188/107/45||+109|
I didn’t bold Carmel Valley (and other areas) because I thought there are probably enough buyers to sop up the coming REOs there. In the bolded areas I’m not so sure.