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Why do banks hold onto Foreclosures?

“Why do banks hold onto foreclosures?”  I get this question about once a week.  I like to refer to the time in between when a bank acquires a home to when they release it to put it back on the market as “FORECLOSURE PURGATORY” because that time period can be a matter of months to a matter of years.  So, why do banks hold onto foreclosures instead of immediately releasing them for sale on the market?  They hold these homes to refrain from dumping a large inventory of foreclosures on the market.  If they did unload a ton of foreclosures at once, our housing market would crash again.  Home prices would plummet! Now that the Jacksonville, FL housing market seems to be stabilizing, we definitely don’t want that!  

So, if you are anxiously awaiting for more foreclosed homes to be released, keep a sharp eye open because they will be scooped up quickly.  Your best bet is to contact me or one of my trusty associates here at North Florida Home Team to get set up for FORECLOSURE ALERTS.  Once they hit the market, you are notified, and we get you in there to see the property!  That’s a ton more effective than driving around looking for those white papers in the window, huh?

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RT @1031taxexchange Investors move distr

RT @1031taxexchange Investors move distressed #realestate faster than lenders 122 days for investors & 208 for banks http://t.co/UHmURf7

75% of Americans Support Homeownership h

75% of Americans Support Homeownership http://ow.ly/5iDu4

Home prices are trending back up Nationally.

Jacksonville home prices are forecasted to be stable .  The number of homes on the market increased as well as the number of new homes built.  Every major price index points to a housing market that has hit bottom and is moving in a positive direction.  After thirty months of declining values, home prices appear to be stable or appreciating in nearly every US market.  In August of 2010, the National median home price was $182,600, amounting to an 11 percent increase over the low that was reached in February of 2010 at $164,000.  In Duval County, median home prices were $148,400 for the first quarter 20111.   Staying on the fence and waiting for prices to drop further is OVER!

For more reasons why now is prime time to buy a home, contact me and I’ll send you FREE Home Buying Information as well as a FREE LIST of JACKSONVILLE FORECLOSURES.