I’m not trendy, but I know a trend when I see one. And there is a definite trend in the foreclosure listing activity in Greensboro.
It’s a downward trend, and that’s good. In order for the real estate market to rebound, there must be a reduction in inventory overall, and in the number of foreclosures specifically. That’s because foreclosures are the real estate equivalent of single celled organisms – not really productive in the grand scheme of things, taking energy the environment and are often slimy.
And I mean that literally. Some of these places look like they’ve been rode hard and hung up wet.
So, the first step towards economic evolution and advancement is to get these distressed properties off the market. And that’s what appears to be happening.
Looking at 12-week rolling periods, the week ending 3/1/09 has the lowest total since I started tracking, which was the beginning of September 2008.
That’s the first bit of good news.
The second is that, of the 146 properties listed in the last 12 weeks, the fewest yet are still on the market (comparing to other 12 week periods) and more are closed or pending than other periods.
Not only that, but of ALL the foreclosures listed since 9/8/08, nearly 2/3 are closed or under contract..
This is a trend – unlike botox injections – behind which I can get.
[NOTE: It has been requested that I include numbers for Summerfield, a 'bedroom' community north of Greensboro in Guilford County. I appreciate the suggestion and will start compiling the data and will post as soon as I have done so.]
For those who like to see the numbers for your zip code, here you go:
As always, whether the news is good or bad, you’ll see it here.
_________________________________________________________
If you have questions, comments or a good joke to share shoot me an email. I’m a full time Realtor®, I love what I do and would be thrilled to hear from you.
* All data from Triad Multiple Listing Service (MLS). Weekly fluctuations of the numbers can happen as the data is impacted by the promptness of input by members, properties that are temporarily withdrawn from the market, etc.,
