Banks Can’t Keep Up With Buyer Demand for Foreclosed Properties
In an article about Foreclosure Properties by NED RANDOLPH of the San Diego Business Journal:
With foreclosures hitting a 16-year high, demand for bank owned homes has outstripped lenders’ ability to dispose of them.
Of the 5,000 properties in escrow last week in San Diego, 20 percent are bank owned, said Brian Yui, chief executive officer of HouseRebate . com, which has launched a search tool that indexes foreclosed properties in local Multiple Listing Services. (You can use the new foreclosure search engine tool by clicking on Foreclosure Search Tool on on the right!)
Finding good deals depends on lender pricing and their need to dispose of them, he said.
“I think certain banks want to maximize net value; whereas others want to get them off their books,” said Yui. “It also depends on the agent — what their advice is to the bank. Some banks are just inundated with foreclosures and are not responding.”
Tags: bank owned properties, Foreclosures, mortgages, san diego properties, San Diego real estate
