Tuesday, January 24, 2012

Sales Up, Prices Down

The foreclosure bubble has hit the local market.

Home sales actually increased from this month last year by about 2,000. But the values continue to tumble. The culprit? Foreclosures. The number of foreclosed homes sold this past month were up 73% from last year.

Bottom line is that people are looking for deals. Banks have a large collection of foreclosed homes they need to get rid of. Put the two of them together and you will see an uptick in sales but a decrease in values as banks unload homes in their inventory.

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