Heard on the street . . .

"Heard on the street . . ." posts will be information heard in the real estate community from reliable resources. While we won't necessarily be able to cite the sources, this information could provide valuable insights into what's happening behind the scenes now and predict what will happen in the future.



Today we heard that agents in parts of the country that have been worst hit by the foreclosure crisis are seeing the pipeline of foreclosures preparing to hit the market to be slowing. Foreclosures in Las Vegas are actually selling at 10% to 15% over list because fewer properties are coming on the market.



These agents believe that new foreclosures are being held off the market for major investors who are planning to buy millions of dollars of foreclosed properties at wholesale and just hold them until the market improves. These investors are seeing that values are beginning to climb and think this is a prime time to buy.



Of course, North Texas has not been hit by the foreclosure crisis nearly so hard as other states, but members of the Grove Team believe that it is absolutely the right time to buy. Mortgage interest rates are low and property values are reasonable.



Let's see just how many foreclosures show up in Keller, Southlake, Grapevine, HEB, north Fort Worth, North Richland Hills, and other cities in our area in the coming months. It could only be good news if owner occupants don't have to compete with foreclosures in the resale market.