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Where Did the Atlanta Housing Inventory Go?
For a year now every real estate agent in the Atlanta area has been asking the same question. Where did all the houses go? We know that the foreclosures haven’t slowed because we see and talk to the people affected, we see the vacant houses in the neighborhoods and we see the MLS activity. For the last six years we have had more inventory to choose from than buyers in the market. But during the last year we’ve had record low inventory and more qualified buyers than available housing. And when we ask why, we get several different stories. So what is the latest story?
Recently RealEstateAuctions.com was asked to help an out of state broker liquidate some bulk real estate packages in Georgia. And after speaking with a few people from different investment companies, I did a little more research. Some of the information I found shows an estimated three million single family homes have been foreclosed nationwide since the start of this recession and another thee million homes are in some stage of default. Most are expected to foreclose within the next 12 to 18 months, putting us only half way through the great housing bust we are currently in. Of the three million properties foreclosed so far, about a million or so were still sitting in what we call “shadow inventory.” So the average person would think that since all this inventory is out there, why are we not seeing more houses coming on the market? Real estate agents are begging for more inventory to show to their buyers! ...
For the rest of the story, please visit: http://www.realestateauctions.com/blog/auctions/where-did-the-atlanta-housing-inventory-go/
And please, feel free to comment here also! LOL, like anyone here holds back on that! :whistle
For a year now every real estate agent in the Atlanta area has been asking the same question. Where did all the houses go? We know that the foreclosures haven’t slowed because we see and talk to the people affected, we see the vacant houses in the neighborhoods and we see the MLS activity. For the last six years we have had more inventory to choose from than buyers in the market. But during the last year we’ve had record low inventory and more qualified buyers than available housing. And when we ask why, we get several different stories. So what is the latest story?
Recently RealEstateAuctions.com was asked to help an out of state broker liquidate some bulk real estate packages in Georgia. And after speaking with a few people from different investment companies, I did a little more research. Some of the information I found shows an estimated three million single family homes have been foreclosed nationwide since the start of this recession and another thee million homes are in some stage of default. Most are expected to foreclose within the next 12 to 18 months, putting us only half way through the great housing bust we are currently in. Of the three million properties foreclosed so far, about a million or so were still sitting in what we call “shadow inventory.” So the average person would think that since all this inventory is out there, why are we not seeing more houses coming on the market? Real estate agents are begging for more inventory to show to their buyers! ...
For the rest of the story, please visit: http://www.realestateauctions.com/blog/auctions/where-did-the-atlanta-housing-inventory-go/
And please, feel free to comment here also! LOL, like anyone here holds back on that! :whistle
