That is where we are approaching with the local housing and real estate markets.
Of today’s Foreclosure Inventory – we see that we have the following numbers of inventory related to “healthy inventory”:
563 real estate listings are active which are in the Notice of Default category
304 are “in foreclosure”
857 are Real Estate Owned – REO
38 listings are HUD owned – Housing and Urban Development
1386 are active Short Sales / Short Pays / Subject to Lender
339 are active probate listings
295 said they are headed to auction
Total: 3782 Distressed real estate listings currently active on the market for sale in Southern California.
Here is the active “healthy inventory”:
- 5000 active “standard” sales are currently on the market for sale.
This means that during 2016, barring anything horrible happening – such as lenders and banks allowed to loosen up their “loan approval” requirements – we should be continuing to close out the bank owned and real estate owned inventory here in Southern California.
BTW – Just so you know – it was that Foreclosures and Bank Owned homes were available to purchase at a discount. That ship has sailed and they are now competitively priced along side with Fair market Value of other real estate listings.
That is where we are and that is my prediction. I’m sure we will be getting more healthy as a real estate market. I know for a fact we are on our way with interest rates very low – the price of admission to purchase real estate is high from a qualification standard.
Low from a down payment standard – where you can buy for Zero Down – if you are a veteran and 3.5% down payment if you are using an FHA loan.
I’ll keep you informed and make sure you go to HousingRadio.com and see my daily (almost daily), real estate broadcast. I’m Connor MacIvor and I’m proud to be of help!