REO musings & random facts

US REOs have gradually risen in the past four months since hitting a 72 month low in April.  The states surging in REO are NY, NJ, OK, FL & OH. 

Nationwide Deeds in Lieu of Foreclosure increased 39% in 2012 from 2011 (all stats from Realty Trac fyi)

REO’s are done but not out

-Recent rise in foreclosure stats & scheduled foreclosure auctions in some markets will translate into bank repossessions in the next 6-12 months

-Rising home prices mean banks may be willing to tackle the increasingly costly and complex REO process to get a higher price out of the property down the road

Why are Foreclosure Starts & Auctions Rebounding?

-Pent up foreclosure activity from robo-signing, national mortgage settlement, & state legislation/court rulings

-Rising prices may help motivate foreclosure

Implications for realtors

-clock is now truly ticking on delinquent homeowners

-auctions are another source of pending distressed buyer/sellers in the form of investors

 

info from Realty Trac

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