Effect of Bank-Owned On Non-Bank-Owned Prices

Effect of Bank-Owned On Non-Bank-Owned Prices

Bank-owned properties (aka REO’s) are known to affect surrounding property prices.  This effect might be seen in past sale prices in the well-defined Palm Springs community of Vista Las Palmas.  This graph shows a decrease in the long term price trend of Non-REO homes at about the time the REO homes were sold.  The effect isn’t that great because REO’s are generally priced low, but close to the market.  There may even be early signs of price strengthening as they fade into the past.  As always though, prices are determined by Buyers.  – Wayne Longman

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This post is in: Mid-Century Modern Enclaves, Mid-Century Modern Homes For Sale in Palm Springs, Palm Springs Area, Palm Springs Modernism, Palm Springs Real Estate Market Statistics, Trends