Foreclosure inventory continues to decline and is basically at zero levels. Due to our reduced inventory, what we experience today are higher prices for a foreclosure. When a home hits the market there are usually multiple buyers ready to place an offer. This usually triggers a "highest and best" offer request from the seller (lender) and the property is under contract within days.
In December 2013 approximately 66% of the 120+ foreclosure homes for sale were off-water homes in the lower price points between $100,000 - $150,000. Those in very short supply were waterfront gulf access homes at 10% (13 homes).
Short Sale inventories have been reduced considerably as well and are basically at zero levels.
This information is brought to you by Steve Ehlers from Premiere Plus Realty Co.