Here’s some breaking news for you guys- as of yesterday, the Gov has released the ‘No Flipping Rule’ on FHAs! Yup- that’s right!  In order to spur more buying activity and property values, they are allowing investors to purchase foreclosed homes and flip them immediately! This will be in effect for 1 year. The previous ruling from 2003 said if you purchased a foreclosed home, you had to wait 90 days before securing it with FHA financing. Not anymore- they’re trying to get the glut of inventory sucked up and off the market now.  Here’s the article from CNN.

Sorry guys- been a long time. I’ve been SLAMMED with these REO Listings from Countrywide. I’ve sold 8 in the last 3 weeks, all with multiple offers ABOVE asking price, all within the first 3-4 days on market. Yes, the below $250k priced homes are flying off the market. We’re down to a 6 month inventory from a 14 month supply months ago in this price range, and it’s considered to be at a ‘balance market’ level. I’m not kidding- the below $250k REOs are flying right now- if they’re priced right. Email me if you want the best deals. I’ll try to update my market charts this week for you guys…