Montebello, CA -- (SBWIRE) -- 09/24/2013 -- As many of you are aware, I have been posting for MONTHS about the stall and crash of the 2013 real estate market. MANY people have written me and told me that I was WRONG! There have also been many gurus, economist & politicians who have predicted the continued price increase and release of REOs back into the mainstream real estate market.
Well, the STALL is here, and CRASH is beginning…
Las Vegas Nevada in the past 90 days has seen a sudden GLUT of listings hit the market AND rumors of nearly 2,000 properties being listed in past 30-60 days.
It is very simple: MORE PROPERTIES plus HIGHER INTEREST equals LOWER PRICES. (Check google, new housing starts down in Las Vegas as well)
PLEASE SAVE YOUR EMAILS:” Lee, Las Vegas is unique market and is not the same as MY market. OUR prices are going up.”
Check your sources, MOST every real estate market prices have frozen and stalled in the past 60 days and have NOT continued to appreciate.
Before the end of the year, maturation of loan modifications and failed attempted loan modifications will mean increased REO inventory. That inventory MUST be liquidated. However, it appears that the popular channels are now auction.com and HomePath.com.
It is very simple again: SHADOW INVENTORY WILL NOT GO TO REAL ESTATE AGENTS.
The solution is obvious and simple, GO BACK TO SHORT SALE LISTINGS for the winter months while the market settles down.
WE ARE AT THE DAWN OF THE SECOND SHORT SALE MARKET.
Visit http://honish.com/ for more information about Lee Honish, the real estate market and how to get new listings or call 213-706-0040 for information about Lee Honish speaking & events