Foreclosures are selling. We are seeing the number of sales increase in bank mediated properties, and this is very good. It is good for the local real estate market. Once these properties are off the market, we can see the value of traditional properties go up. As a Realtor I get frustrated with the condition of foreclosed properties and also how the bank handles purchase agreements. Those of us in the industry would like to never sell a foreclosed house. The reality is that buyers want the deal foreclosed properties have to offer and some buyers want to bring them back to life the way they want them to be and not another person. The truth is they are out there in numbers in all price ranges and all neighborhoods. We anticipate the growth rate of foreclosed houses to slow down and the market in the next 12 months might start evening out. Please note the word might. We live real estate day to day.
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