Bidding wars are back as demand for housing surpasses supply, per recent reports.
In addition to low construction of new homes, negative equityThe condition of a property owner owing more on a mortgage than the current fair market value of the encumbered property. has made many homeowners reluctant or unable to sell, keeping these underwater properties off the market.
Further, buyer-occupants for low- to mid-tier housing are losing out in bidding wars to seasoned investors with more financial weight to throw around (read: cash) and visions of scoring big with profit-heavy resales.
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