Nationally, we have been continuously receiving good news about the housing market. Prices have been steadily going up and one-third of the homes nationally sold in July were on the market for less than a month. We also saw the first dips in interest rates this past week after five straight weeks of increases. This is all pointing to a healthy housing recovery.
While all of this sounds awesome, there are many out there who have heard this term, "shadow inventory." What is it? It is the inventory of foreclosed homes that the bank is holding off from putting on the market. During a recent seminar, a panel of higher ups from many of the major mortgage lenders discussed the shadow inventory. At least one major lender, which has a branch in the heart of Snellville, has stated that they do not hold inventory and they release it as soon as it is foreclosed. Stay tuned to future columns to find out more information on this.
By the Numbers
As promised, here is a wrap up of the the August numbers by school district.
Sold: 25 Average days on the market: 58
High price: $396,000 Low Price: $63,000 Median Price: $120,200
Sold: 28 Average days on the market: 60 High price: $165,000 Low Price: $35,000 Median Price: $70,000