Currently, the last thing anyone thinks about as being a problem is a decrease in home inventory for borrowers. Realistically, this is becoming a problem as more and more borrowers are pulling their homes off the market which is creating a withering amount of attractive properties for people who are able to buy. Typically a shrink in supply would drive prices out the roof but since demand is so low, this is not the case. A graph done by Realtor.com showed major decreases in home inventory from September 2010 to September 2011 as seen below:
- 49% decrease in Miami, FL
- 48% decrease in Phoenix, AZ
- 30% decrease in Atlanta, GA
- 28% decrease in Detroit, MI
With a lack of inventory, home buyers are having more and more of a hard time finding their dream homes. One option that is home buyers have is to go through the relentless inventory of foreclosed and vacant homes. Sure, many people would initially think these homes are run down or not "dreamy" but in realty many of them are beautiful homes just taken over by the bank due to the last owner's inability to pay the mortgage, not because of the home's structure. Homepath.com has a vast amount of Fannie Mae properties that can be purchased while using a Homepath lender, such as Aapex Financial, and do not require mortgage insurance or appraisals! Not only is this beneficial for the buyers, but getting vacant and foreclosed properties off the market will also help to drive up the prices for sellers trying to market their current homes by taking advantage of the short supply.
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