As the number of HUD homes, Fannie Mae, Freddie Mac and other bank-owned properties has dropped substantially since the beginning of the year, we are all wondering what happened to the so-called Shadow Inventory. That’s all of the foreclosed homes that are owned by banks or soon to be owned by banks that are not listed for sale.
In early 2011 it was rumored that the Shadow Inventory was huge and that it will tear the real estate market to pieces.
2011 is over and the real estate market is improving. REOs and foreclosed homes did not flood the market as predicted. According to a recent report by CoreLogic there’s only one foreclosed home in the “shadows” for each home that’s currently listed.
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A couple of years ago HUD made the results of all their online auctions public. You could simply go to their website and see how much other buyers were offering on HUD homes in Columbus and throughout the country. You could even see bids declined by HUD and who submitted them. That all went away when the HUDHomeStore.com webportal went online in 2010.
In their latest update to the HUDHomeStore.com bid results are once again available to the public. At least for a limited time and with some limited information.
Now you can see the actual purchase price HUD accepted on a property.
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In half of the US you can buy HUD homes with only $100 down. Unfortunately, Ohio is in the other half.
HUD just reinstated the $100 down program in 2 of their 4 national regions. It appears that they picked the ones with the largest inventory of homes.
HUD homes sold really well in Ohio during the past 12 months. Our inventory is very low. The number of HUD listings decreased from more than 400 HUD homes at the beginning of the year to around 100.
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