Bank Owned - REO Housing Inventory Overwhelming the Markets

Banks Sitting On An Inventory Time Bomb - Realty Check with Diana Olick - CNBC.com

Source: www.cnbc.com

About 70 percent of foreclosures in RealtyTrac database have not yet been listed on the MLS. I'm wondering why? Why are the banks sitting on all these properties instead of listing them for sale?

Below is actually an email I just got from my husband...thought I would share...he is very, very smart with the market....He is a Licensed Real Estate Broker in both Florida and Colorado...I call him the "Super Genius" He has yet to be wrong about what is happening in this mess....

He Wrote to me this comment about the following article...

"The chart on CNBC showed defaults in the 400 to 600 range per month (I don't know what the multiplier was?) point is, Jan of 2009 jumps to 2,600! California banks alone have 20 months of REO inventory that HAS NOT BEEN LISTED YET!
The reason for the email is CNBC is airing "House of Cards" on Feb 12th 8pm EST.
It's about what caused this mess and the Alt-A and Jumbo Primes that are about to explode. Even if the owner HAS equity, since these loans are no longer available, they believe the majority of them are now going to go under. (They also said they think that all the Sub-prime's are almost "gone". Foreclosed already. hmmm, no sure about that?)

I tend to agree with him sadly....

If you feel that you are going to need to sell your property in the near term and are realistic about the current market conditions and results....contact me about listing your property and we will have a frank discussion on the reality of the market and what needs to be done to get you home sold....

So Now What????

This is not a market for short termers/flippers or those without the proper capital to make it through the next few years. And, please, please, please...focus on LOCATION - LOCATION - LOCATION!!!!!! They can build more gated communities, they can build more golf courses and lakes, they can build more condos, but they cannot build more Saltwater Canal, Intracoastal or Oceanfront property...food for thought!!!!

WARNING: This is also not a market for working with inexperienced, part time and un-seasoned real estate professionals in any capacity. Make sure to interview your agent well before entering into any type of transaction at this time. Personally....if I was a buyer or seller...I would not work with anyone without at least 50-100 or more transactions under their belt....and if they are not technology savvy....find another person to work with pronto.

80% of all buyers are initiating there search for real estate online now...and if you are working with someone that is not familiar with how to capitalize on that...you are missing out on much needed marketing to get your property sold. I also would make sure that they are well versed in short sales and foreclosures...even if you are not in one of those categories...you want someone working for you who knows how they impact you too....because they do!!!!

Kristi Ross - REALTOR - With over 13 years of experience in buying, selling, managing & investing in real property personally in addition to being a very active, full time REALTOR in Palm Coast/Flagler County, Florida for 7 years ....I have learned that information is power and I am an advocate for customer empowerment.

Please feel free to search the MLS for free at my website www.Palm-Coast-Hot-Properties.com. You can sign up to be on the list of first to know when properties meeting your ideal criteria are newly listed, go pending or are sold.

**Disclaimer: The search homes information is provided through IDX and Kristi L. Ross PA, Hawk Beach Realty, I, My Broker or associates are not in anyway responsible for any representations, opinions or comments or mistaken information provided.