“High-end foreclosure inventory shrinking”

LVA real estate blogger Robin Camacho was quoted at length in the Las Vegas Review-Journal‘s "Business Matters" blog last Friday. She says the inventory of foreclosed homes is drying up … at least in the $1 million-plus range. Even at 70 cents on the dollar, they’re harder to find. It’s the opposite case for homes in the $250K-$300K range, which are being foreclosed faster than they’re being sold. And when they’re resold, it’s often at 30 cents on the dollar. At those prices, bankers are disinclined to discount further, except in the case of cash purchases and older, distressed homes.