Home prices are still down and those who have money to spare and looking for a score while homes come cheap should be acting really quick as repossessed homes only stay in the market in a span of day or even hours.
Lenders now say that repossessed homes go quickly. Once lenders put them back on the market (like in sites like Foreclosure.com, it only takes them 24 hours or less to sold to buyers. One of their quickest sales came in less than 90 minutes of listing. How quick is that? Some people decide on clothes hours longer than that.
All of that is thanks to the prices. Most lenders are really pricing foreclosed homes as very good bargains. When home prices were priced at $300,000 when they were initially sold, they can now be had for as low as $130,000.
And competition among buyers is tough. Listings often get more than ten offers in just days. Makes one wonder how many people have enough money to spare. But with the really bargain prices and the tax credits that can be availed, anyone who has some spare cash stashed away should really be looking into real estate.
Source: CNN
