Can it be possible? Despite the housing bust and high foreclosure rates, in some areas there are not enough homes in the lower-priced category for single-family homes.
All over the Pacific Northwest, the supply of moderate and lower priced homes is tight. Not even the end of the homebuyer tax credit is expected to ease demand.
IN LOWER PRICE RANGES, PRICES WILL STAY FAIRLY STABLE BECAUSE OF THE LIMITED INVENTORY.
One of the reasons for the limited inventory is that there are many properties that could be for sale - but aren't. This so-called "shadow inventory" comes from two main sources: properties lenders have not yet repossessed or have not yet put back on the market; and homeowners who want to sell but who have refrained because of the lower prices. Some homeowners owe more than their house could sell for; or if that is not the case, feel that they should be getting a higher price for their home than what the current market has set.
Lenders are also holding back on foreclosing at all, either because they're having trouble handling the volume of repossessions or because they want to sell off some of the inventory they already have. Notices of default are filed by the lenders, but they're not taking the properties back.
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