Housing Supply Increases in Inland Empire

Jan. 8–Real estate brokers who sell bank-owned houses reported an unexpected surge of homes to sell last month.

They are waiting to see if it is a glitch or instead a move by banks to reduce the backlog of pending foreclosures and replenish Inland Southern California’s nearly barren real estate market.

“It appears that we are going to start seeing the inventory break loose. But maybe it is an illusion,” said Lance Martin, broker-owner of Coldwell Banker Pioneer Realty in Moreno Valley.

Pete Nyiri, owner of Top Producers Realty in Corona, and another major broker of bank-repossessed houses, said the number of new listings he received from banks increased 40 percent last month and surprised him because he was instead expecting a decline in new properties due to various holiday foreclosure moratoriums.

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Source: Bigbuilderonline.com / Press Enterprise