It’s entirely possible that institutional investors have
picked off the best of homes to be had from REO assets held by the Federal
Deposit Insurance Corp.
So far this year, the FDIC has sold 281 single-family homes for
a combined $23.3 million for an average of $82,986. That compares noticeable to
the 451 single-family homes sold last year for $85.4 million last year at an
average of $189,290.
It’s most likely that homes in the best market are also
thinning out noticeably. Last year, 92 of the FDIC’s sales were for California
homes with an average home price of $324,976. Eighty-two homes were sold in
Washington at an average of $232,190. This year, there have been only two homes
sold in California; one for $370,000 and one for $128,000. There have been no
homes sold in Washington.
2012 doesn’t even compare to 2011, when the FDIC sold 1,113
residences for a combined $316.8 million for an average of $284,667. Buyers
were buying homes in the hundreds in Florida, Georgia, Washington and Michigan
at an average of $316,233, $238,815, $385,510 and $150,918 respectively. Of
those markets, sales were fairly active this year in Georgia where 64 homes
have been sold at an average of $96,929.
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