This chart shows only bank-owned homes (commonly called “REOs”) sold through the Multiple Listing Service.
click this pic to embiggen it
The numbers that caught my eye tonight are the number of Active Listings versus the number of Sales Per Month, at the top of the chart.
Check out the purple arrows on the (same) chart below, showing REOs for sale in mid-April, mid-June and now in mid-July. The inventory of available homes for sale (purple arrows) is shrinking. In relation, sales are holding pretty steady (yellow arrows).
There’s a lot more competition out there for bank owned bargains lately. If you’re a bargain hunting home buyer shopping the bank-owned foreclosure market, you can generally expect multiple offers and homes selling for pretty close to – or even above – list price.