Valleywide, 18 percent of the 676 properties foreclosed on last month were purchased by third-party buyers — typically investors — while lenders took back 82 percent
Wow!
I don’t follow foreclosures but 82%… Wow!
What are the banks going to do with all those properties?
It tells me you’ll have a great selection if you want to buy a bank owned property (REO).
It tells me banks should be more flexible about accepting short sales.
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San Juan Girl 07.20.07 at 8:21 pm
From what I have seen in the ‘bank owned’ home ownership business, the banks want offers very close to the market value, not offering deals. I also thought they should be more flexible. After all, a bird in the hand…….and all that rubbish. Maybe some people would then be able to get a good buy(esp. first time buyers), the banks would get out from under the excess inventory, and everybody would go home happy!
San Juan Girl 07.20.07 at 8:26 pm
I hope our comments will have even a small impact on bank home sales in the future, also educating all of us of the danger in trusting subprime lenders who started this whole debacle!