As the summer season draws to an end, we've seen a continual shift in the market. Foreclosure/Short Sale listings continue to be down from several months ago in some areas, though persisting in others.
A Declining Inventory
In Middlesex County, new Single Family homes in a Short Sale or Foreclosure situation are down, with only 15 of a total of 175 new listings this past week, as compared to an average of 12-15% earlier this year. Similarly, townhomes also seem to be down, with only 7 of 66 total.
There are several possible reasons for this. On one hand, perhaps the market is truly getting better, with people finding new jobs. Similarly, banks may also be doing more to help people to stay in these homes through loan modification programs. On the other hand, it could also be that there's so much foreclosure action that only so many can be handled at one time.
A Significant Difference
One stark difference is the Multi-Family homes. There were only 11 Multi-Family homes listed this week, six of them in a Short Sale or Foreclosure situation. With such a low number of total listings, it would seem that owners, many of them investors, are choosing to hold these properties until the market improves. Similarly, those that are selling may be looking just to cut their losses, perhaps from non-performing tenants or overwhelming expenses.
What This Means For You...
If you're looking for a deal on a Bank-owned home, with a declining number of homes to choose from, the opportunity may quickly be slipping away. If you're interested in making a move or simply obtaining more information, please contact me directly at cooper@zastko.com or call me at 609-865-5877.
Now for This Week's Foreclosures & Short Sales...
Single Family
East Brunswick
Middlesex
New Brunswick
North Brunswick
Old Bridge
Perth Amboy
Piscataway
South Amboy
South Plainfield
Woodbridge
Townhomes/Condos - Click here
Multi-Family - Click here
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