Monday, January 17, 2011

The tide's coming in.

If you are looking for a property you might have noticed a LOT of new listings hitting the market. It seems like the banks are getting serious about turing over their non-performing assets. There was a lot of talk about this late last year and for the most part it was expected. But after a few years of never knowing what's going to happen next it's hard to beleive anything you read these days. But looking at the latest numbers from housing tracker it's pretty obvious that the wave is coming in. The only thing that is in question is how big this wave will be and is there enough demand to absorb this additional inventory. You might also notice that the average listing price has tanked this week. The high end has fallen nearly $100k since it's post crash high of $435k in August 2009. The median has fallen $30k from it's post crash high of $240k in Sept 2009. You can see the high end is VERY weak and I have been saying that for years now. There's just not that many people that can afford $500K plus homes in the IE.

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