The number of foreclosure properties available for purchase continued to decline in the fourth quarter. The number was down 18% from a year ago. And the number of new listings was down 12%, foreshadowing a further decline in this inventory.
The decline is bad news for investors shopping for properties to “fix n’ flip” and for would be homebuyers shopping for a fixer’ upper. On the other hand it’s good news for sellers as foreclosures depress prices generally. It’s also great news for homeowners as foreclosures tend to depress the value of nearby homes.
We’re still rooting out some good deals and getting creative to win bids.