REO Inventory Reaches an All time High in Asheville NC


Inventory of REO properties rose in March to an all time high in Asheville North Carolina and a record high of 2.2 million nationally. Foreclosure starts also increased by 33 percent month over month, according to the March Mortgage Monitor report by Lending Processing Services Inc.

The good news is a significant increase in foreclosure sales, which is helping to chip away at the swelling inventories that are battering many markets.

The Asheville Real Estate market and surrounding areas like Waynesville, Maggie Valley and Weaverville home sales have increased as investors are taking advantage of the low prices.

Do not be tricked as those homes that have been trashed by the home owner before moving out are many and do not sell quickly. The Homes that are in good condition are selling fast.

Bank Owned, Short Sale and Foreclosure are currently 40% of all home sales in Asheville. I believe Asheville Home sales will increase even higher as the Bank Owned homes flood the market.

This is the time and Bank Owned, Short Sales and Foreclosures are the way to go.