REALTOR® Magazine-Daily News-Foreclosure Bargains Are Disappearing: "Foreclosure Bargains Are Disappearing
Buyers of foreclosure have to be quick these days. Some houses go under contract fewer than 90 minutes after they are put on the market, says Brad Geisen, founder of Foreclosure.com.
'For every listing that comes out, we have 10 buyers,' says Cesar Dias, an associate with Approved Real Estate Group in Stockton, Calif.
Dias had 15 minutes of fame after introducing foreclosure sales tours last year. Now the tours are defunct because there are not enough homes to show.
'We had a lot of inventory last summer. Now we're down to 1,500 listings — from more than 5,000,' Dias says.
In Florida, real-estate investment companies, buying in bulk and paying cash, face competition"