Entry-level buyers compete for that first home
Bakersfield Californian
By CourtenayEdelhart
... Banks just don't have the staffing capacity to move a motherload of inventory through the foreclosure process quickly, particularly when properties mostly are owned by investors with competing liens, said Richard Green, director of the University of California's Lusk Center for Real Estate. Meanwhile, "Appraisers are scared to death of getting sued if a home turns out to be worth less than they said, so they're being extremely conservative," Green said.
That's made buying an existing, entry-level home a difficult proposition. "If it's any consolation, you're not alone," Green said of the local market. "The same thing is happening in Las Vegas." There, many first-time homebuyers have turned to new construction to avoid the frustration of the existing home market, Green said...