"To get ahead,"

"wear red and depend on women"  Frederick E. Allen

Things are rapidly changing and becoming more convoluted with the foreclosure situation. Some people see the foreclosures being temporarily halted as a good thing but I fear the opposite is true. We have seen more and more investors come back to the market and buying foreclosed homes as rental properties. This has been a boom to the housing market in getting people in the homes.




What is not being said is that most of these foreclosures have already been executed. There have been over 100 foreclosures withdrawn from the market in the past week. These properties were listed on MLS and that means the families have already been evicted and the homes are now owned by the banks. The reason the foreclosures have been halted is the banks are going back to their records to make sure the process has been legally executed. A lot of state attorneys don’t think the process was correctly executed. If we see law suits pop up over foreclosed properties that have already been sold to new owners it will indeed be a mess.



Condo Market

Since Sep 1 we have had 18 condos sold on the beachside. These were priced from $29,000 to $535,000. The condo at the Pier Resort that sold new for $480,000 closed for $169,900.



Get out and enjoy this beautiful weather.



Jim Bagwell