FL SFH Inventory Being Held Back

[Luc M.]

So I just got off the phone with a prominent broker in the Orlando market. She mentioned that there is a lack of SFH inventory right now because the banks are holding back on foreclosures. She also mentioned that when they do come on-line, she gets 2-15 offers the next day.

Can anyone confirm/deny what she just told me? Thanks.

[Manny Cirino]

I live and deal in Florida and I will what I am see is a up rise in the business. There are plenty of REO's out here but the quality is so bad you couldn't give them a way for free especially if they are wood frame. The really good deals go in about 30 days on market and the bad ones go in about 400 DOM. The big thing out here is buy and hold. I am seeing so many houses being bought to be rentals that realtor friends of mine say that other investors are not even hesitating to buy deal when they come. If you take one or two days to think about it will get snatched up. I am also seeing construction everywhere! A lot of commercial too. But every day I pick up the paper just to see recent foreclosure listed and they take up about a full page daily so I would says it's 50/50 right now in Polk County, FL.