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Is foreclosure inventory drying up?

Below is a link to an article showing that some of the worst affected marketplaces have reduced their inventory to 5 months. Pretty outstanding!

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October 02 2012 - Fort Worth
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Profile picture for Dunes ..
By "Article" you mean the Blog you wrote?

My opinion is just as the Gov. is hoping to create a Market/Interest in Buying with Artificially low interest rates (Spending Billions each month), Banks ect. are creating an artificially low inventory to create a supposed need to Buy or the appearance of a Market recovery..

Fools Gold
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October 02 2012
I can tell you that the lenders are finally modifying loans with the new Tier 2 program. 

So there will definately be less foreclosure inventory. 

We obtained 4 approvals in the last 2 weeks for loan modifications. 

Two of them were at 25% of gross income. 

With the settlement earlier in the year and more and more law suits on wrongfull foreclosure I really think lenders are starting to get their head out of their ____...  

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October 02 2012
The "robo-signing" problem caused a slowdown in the foreclosure process.  The situation has recently been resolved and the process is beginning in earnest again.  When there was a pause for a couple of years, inventory began to dry up.  However, I expect foreclosures to be more prevalent in the inventory levels.

For more information and details, you can view my Web-Blog: http://MYsouthFLrealestate.com

I hope this helps answer your question.

Michael
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October 03 2012
Corelogic just reported a decline in foreclosure inventory in 32 out of 50 states - Intrestingly, judicial states saw an increase in foreclosure starts (21%) while non-judicial states saw a 3% decrease in foreclosure starts.

Depending on the market, rising home prices means less foreclosure inventory. In the SF Bay Area, we have seen the number of distressed property dwindle significantly over the past year due to significant increases in home price and buyer activity.

Read the full article here - http://www.kcmblog.com/2012/10/09/shadow-inventory-down-in-most-states/.
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October 09 2012
Interesting question. My local market, Charlotte NC, currently still has  foreclosures to choose from. Although some parts of town do seem to have leveled off a bit in my opinion. A quick search in the MLS shows that 15% of all of our listings are foreclosures (this does not include short sales). I think that is fairly consistent with the percentages in previous months. I looked at the number of foreclosure sales for our area year-to-date by month and the numbers are relatively static for the year with a small spike in the summer months. According to RealtyTrac, our area saw a large increase in foreclosure filings last month compared to last year. I don't anticipate the foreclosure inventory drying up here any time soon, however I do believe the market will continue to absorb it at a healhy pace. The bottom line for buyers in our market is to not waste any time if you find a foreclosure you are interested in. Talk to your agent about a realistic offer price and get your offer submitted asap.
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October 12 2012
 
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