Bank Owned Inventory Hits 18 Month Low!

As of June 1 2011 bank owned properties have hit a 18 month low on Long Island, New York. The courts are foreclosing on delinquent properties at a snails pace causing short sale inventory to hit new highs. Bank owned inventory hitting an 18 month low would normally be good news; however, with the courts slowing down the foreclosure pace and causing the ever increasing amount of delinquent properties going the market, as a short sale, the recovery of the real estate market will be delayed. The delayed recovery  could pressure homes to lose additional value.

All Data Obtained And Compiled From Data Sources Of Long Island Multiple Listing Service Of Long Island

I don’t know what the buyers are waiting for! Yes, prices are still declining in some sectors of the market but the depreciation is slowing.

Reasons for first time home buyers to buy now!

1. Interest rates are low (as the fed cuts short term rates long term fixed rates (30 year rates usually go up). No one is expecting 30 year rates to go down!
2. First time home buyer time tax credit (basiclly a $7500 interest free loan from the IRS) for more information take a look at http://www.federalhousingtaxcredit.com/ for additional details.
3. Many homes to choose from and little competion from other buyers. When this market hits bottom it will be caused by more buyers in the market and less inventory. Buyers who are able to purchase now will be able to find the deals.