Inventory of Ghost Listings are Hiding Out
January 24th, 2009 category: East End LI Foreclosures, Real Estate News
There seems to be a inventory of “Ghost Listings” or “Shadow Listings” that are hiding in dark alley ways and back streets.
CNNMoney’s post today titled, Flood of Foreclosures: It’s worse than you think by CNNMoney.com staff writer Les Christie. Some excerpts follow.
Banks are moving slowly to list repossessed homes for sale, which could mean that housing inventory is even more bloated than current statistics indicate.
The problem: Many foreclosed homes and other distressed properties that are now owned by banks have yet to be listed for sale. The volume of this so-called ‘ghost inventory’ could be substantial enough to depress already steeply falling prices when it does go on the market.
Lenders still insist they try to act as swiftly as possible. According to Tom Kelly, a spokesman for Chase (JPM, Fortune 500) Mortgage, their goal is to cut their losses on these homes, which are expensive to maintain, as fast as possible.
But banks might hold back listings in areas where they already have lots of homes for sale in order to avoid flooding the market, according to Michael Youngblood, a financial analyst and founder of Five Bridges Capital, an asset management company.
You can read the whole article here.
To check out all available homes on the North Fork of Long Island, click “north fork homes”, enter your area of interest and any parameters, and click “go”- properties for sale include Riverhead, Aquebogue, Baiting Hollow, Calverton, Jamesport, Laurel, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, Orient, and Orient Point, NY.
To get more specific local North Fork real estate information, fill out the form below with your questions/comments. We’ve been monitoring the area for a few years, and have learned how to find properties coming on the market, and available. If you’re looking for a foreclosure on any part of Long Island, we’ll help you find it also.
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