The Real Estate Pulse

Home sales are up in some of the metropolitan areas that have been hardest hit by the real estate and housing slump. The home sales aren’t typical sales however, they’re home sales that are being driven by lenders that are slashing prices on foreclosed properties.

All in all, home sales continue to stay weak as home sales of previously-occupied homes were down by 18% over last years already down numbers but the recent data regarding sales of foreclosed homes is a good sign for the housing and real estate market.

Sales are up in the areas that have been hardest by foreclosures and falling real estate prices…

Areas such as Las Vegas, Nevada, Sacramento, California and Detroit, Michigan are leading the way in foreclosed home sales.

According to the Wall Street Journal, the inventory of foreclosed homes held by lenders is hovering around half a million!

Many lenders have been holding on to their foreclosed properties to avoid slashing prices and to avoid huge losses but apparently the tide is turning somewhat as more and more lenders are unloading foreclosed properties at dirt-cheap prices

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