Just two years ago in 2006, a total of 402 homes completed sale for the entire year. 8 months into 2009, Manteca closed sales have already hit more than double that amount at 818 sold homes according to data collected by the Manteca Bulletin.
The total inventory of homes is estimated to offer the market 1.9 months worth of homes to sell. That means if no more homes come onto the market, we will run out of homes to sell in less than two months. More inventory is expected to come onto the market, but tighter federal regulations are keeping banks from releasing soon to be foreclosed homes and encouraging banks to work with distressed homeowners to help them stay in their homes.
“Real estate agents who work with banks such as Brad Young of PMZ Real Estate said there is no conspiracy to keep houses off the market. Young noted banks are struggling with making sure everything is done to comply with laws that require them to make every effort to work with owners who are going into default. It is complicated further by the fact each situation is different.”
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