The agents have become pavlov's dogs when it comes to searching for inventory. They search for REO's and Bank Approved Short Sales. Only 15 percent of the MLS are Distressed. The rest of the MLS is what we call NBI ( Not Bank Infested). The case in point
Cape Coral Gulf Access homes banked owned under 200= 7
Cape Coral NBI homes under 200K= 28
There is inventory is the same price points for some asset classes, that is not distressed.
When I compared Nov versus Nov I found some interesting trends
I tried to cut and paste from my spreadsheet. The format was jumbled.
Here is 2011
https://docs.google.com/open?id=0B03...UzYTc5NTQ0YmQx
Here is 2010
https://docs.google.com/open?id=0B03...MyNzVkNzMyMzM4
1. The year over year price per SQFT is shocking. That is an indication of the higher end REO's coming to market.
2. The median coming up shows the bottom of the market rising in price ( the lower end REO's are not there)
3. Prices are rising but money in motion and the cash percentage are gaining
4. the areas that are lighting up are the most interesting
Distressed percentages, shorts and REO's
2011
Total Distressed 45.16%
2010
Total Distressed 56.56%
Stablity in chaos, it is hard to find but it is always there
must be those infestors buying those sanibel and captiva homes