Shadow Properties

The latest buzzwords in the real estate industry are …… Shadow Properties. These are bank owned/foreclosure properties that are looming on the horizon.
Following are the national REO (real estate owned) statistics:
1,600,000 homes are currently owned by lenders/banks
3,600,000 mortgages are delinquent and at risk of foreclosure
14,000,000 mortgages are at 125% or greater LTV (loan to value) than the actual home value
Here in Kingsburg we are currently looking at 12 homes pending short sale approval by the Seller’s lender. Since we only sold a total of 10 homes and almost all of them were distressed, the percentage of short sales and foreclosures is pretty high. With the above statistics of Shadow Properties, it looks like we will continue to see the same for a while. You can see by the CMA (comparative market analysis) for the month of November, our numbers are stayin pretty close to the same as previous months.
What an opportunity. NOW is the time to buy! We are seeing some great deals and awesome mortgage interest rates. In fact, it is actually less costly to buy than to rent.
We would like to extend our very best wishes for a Very Merry Christmas. We ask that you take the time to remember those here in our great little town that are less fortunate. KCAPS is in need of donations and sponsors to adopt a family for Christmas. If you are able, please give. Thank you and God Bless.

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