Heavy demand for low-end homes in Bakersfield, Calif.Posted: October 18, 2009
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.