Heavy demand for low-end homes in Bakersfield, Calif.

Yet another data point providing evidence of an emerging housing recovery:

With 8,560 foreclosures last year and another 5,860 so far this year as of last month, there ought to be a glut of property on the market. But banks have been slow to release their inventory, and anyway, the best deals were long ago plucked up by investors who could pay cash during a credit crunch.  As a result, the Bakersfield area has unsold inventory of just two months, according to the latest Crabtree Report, a closely watched monitor of the local market of existing homes.  That’s left pickings slim and quality dubious for shoppers looking to own and occupy their first home.

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3 Comments on “Heavy demand for low-end homes in Bakersfield, Calif.”

  1. [...] period of years, greatly reducing market disruptions. (Keep in mind that demand for foreclosures is very, very strong.)  Why are we looking at a period of years rather than months before these houses hit [...]

  2. [...] where bidding wars are the norm, buyers are “going crazy.” Some California cities, like Bakersfield, report unsold inventory of just two months. San Diego reportedly has just a 1.5-month supply of [...]

  3. [...] bears keep talking about? Where is it? Not in Orange County, evidently. Not in Las Vegas.  Not in Bakersfield, Calif. Not in Sacramento either. Possibly related posts: (automatically generated)Barry Ritholtz: home [...]


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