ORLANDO -- The number of homes for sale in Orlando is at its lowest point in three years.
Realtors are working the phones and trying to find new listings for first-time homebuyers. But it's getting more difficult.
At the beginning of the year, the inventory of homes for sale was estimated at taking 22 months to sell -- even if no new listings came available. Now that number is at a three-year low of less than 8 months.
About half of all sales are foreclosures.
"We're also getting a lot of multiple offers on the bank owned homes. We are writing two to seven contracts before we actually get a home for somebody," Sampson said.
But the Housing and Urban Development Secretary fears too many homes are being snatched up by investors.
"Even when there are many buyers that come into neighborhoods that have had concentrated foreclosures, the houses get rented out, they aren't renovated up to a standard that the community might hope for," said Shaun Donovan, HUD Secretary.
Donovan was in Orlando Monday with Congressman Alan Grayson touring a home that's part of Orlando's Neighborhood stabilization program.
The City of Orlando got more than $6 million it hopes to buy 30 homes with, fixing them up and then selling them to HUD qualified borrowers.
Meanwhile, the crunch is on for first-time homebuyers trying to make the Nov. 30 deadline.Homes often take 30 to 45 days to close.
"We are all just trying to get through this together, we've become more advisors and educators, in this business than we ever before for both buyers and sellers," Sampson said.
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