Local market perspectives from the RealtyTrac Broker Network
Following are perspectives on distressed sales trends provided by brokers from various parts of the country who are part of the RealtyTrac Broker Network.
"Clearly in metropolitan New York we have entered into a period of stability in the pre-foreclosure market," said Emmett Laffey, CEO of Laffey Fine Homes, which covers Long Island and the five boroughs of New York City. "In metro New York foreclosure sales represent 8 percent of the market, which is now close to historic foreclosure levels for any market over the last decade. It's a good sign."
"Most of the foreclosure properties are purchased by investors at the courthouse auctions and are paid for in cash, which is not possible for the average buyer looking for a home to live in," said Rich Cosner, president of Prudential California Realty, covering Orange, Riverside and San Bernardino counties in Southern California. "Even investors at the courthouse auctions are bidding up the prices to the point that there is a greatly reduced opportunity to flip a property in a short period of time. Most of the investors today are buying the property, fixing it up and renting it out and hoping to have a great profit in three to five years."
"It's not surprising that foreclosure-related sales are down in Oklahoma because home prices are rising so rapidly," said Sheldon Detrick CEO of Prudential Detrick/Alliance Realty in Oklahoma City and Tulsa. "In fact, short sales are disappearing from the marketplace entirely. Oklahoma City is the strongest market in the state and will continue to grow in the aftermath of the tornado that ripped through the area destroying over 10,000 homes. Right now there is nothing available to rent from cars to houses to furniture. Demand is drying up any and all inventory in the area."
"We are seeing foreclosures and foreclosure sales decrease in the Reno area and we anticipate that the trend will continue," said Craig King, COO of Chase International brokerage covering the Reno, Nev., and Lake Tahoe markets. "Typically, we would have four or five times the amount of inventory on the market so demand is driving home prices in the area up. REO sales are significantly less in the Reno Sparks area than other markets in the west. The market here is strong and we are mimicking similar growing markets such as Sacramento and Las Vegas."
Foreclosure sales in 20 largest metro areas
Foreclosure-related sales accounted for 38 percent of all sales in the Atlanta metro area, the highest percentage among the nation's 20 largest metropolitan statistical areas in terms of population.
Other metros where foreclosure-related sales accounted for at least 25 percent of all sales were Riverside-San Bernardino in Southern California (35 percent), Chicago (35 percent), and Detroit (30 percent), Los Angeles (29 percent), Miami (28 percent), Tampa (27 percent), Phoenix (27 percent), San Diego (26 percent), Minneapolis (26 percent), Seattle (25 percent), and San Francisco (25 percent).
Most Popular Stories
- Bipartisan Budget Deal Gets Key Support in House
- Bitcoin Clones Lurch Onto Financial Scene
- Clinton to Keynote Annual Simmons Leadership Conference
- TFA Recruiting DACA Recipients
- Scotch Whisky Sales Raise Distillers' Spirits
- Holiday Shopping Off to a Slow Start This Season
- Fake Deaf Interpreter Was Hallucinating, Has Schizophrenia
- Tea Party Glum in Face of Bipartisan Budget Deal
- Budget Deal Will Cut 220,000 Californians Out of Jobless Benefits
- Health Coverage Disparities Emerge Among States