MIBOR reports the number of foreclosures listed for sale has continued to shrink. The number available at the end of Q3 was 456; which is down 21% from a year ago. As with the rest of the market, new listings are not keeping up with closed sales, resulting in shrinking inventory.
While the rest of the market has been seeing a rise in prices, the average price of the sold foreclosures was down 10% from a year ago. Foreclosure listings are largely concentrated under 75k, with almost none available above 175k.
Can you still find a good deal in the foreclosure market? Yes, but… you may need to do more than carpet and paint, and most definitely you will need to move fast. The good ones don’t last long. If a foreclosure is what you’re looking for, say the word. I can certainly help you get a good one. ‘Nuff said.