Residential Inventory in the Tallahassee Real Estate Market
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Discussion
John, I do not have the data to correctly identify exactly how many are either REO or REO-in-nature. The number of homes being sold due to mortgage issues is certainly higher than we've seen in the past.
Yes, the trend also seems to be heading in a better direction, though above the line is still "above the line."
Do you have any idea how many of those 2 home per day are REOs (lender-owned foreclosures)?
The increased foreclosures certainly must have impact on how many homes we're adding to the inventory.
Perhaps when this subprime mess finally passes, we'll return to a normal market.
Also, I noticed that the 60-day trend does seem to be decreasing slowly. That's at least promising. It's still 2 homes per day, but it's better than 5 homes per day we were seeing in April.
Do you feel that this situation will be repaired soon? I'll be keeping a close track on how the market continues in the coming weeks.
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