freedomCM_IHB
New member
Looks as if the market is already in line to get hammered with REOs.
Last month, the banks took back 22k houses in CA, and managed to sell 11k
but MrMortgage reports
<blockquote>VERY IMPORTANT - Keep in mind that the 22,324 homes that the lenders took back in April were from Notices-of-Default from approx Dec, when there were 33k. In Jan, Feb, March and April there were 38,600, 37,300, 42,700 and 44,100 NOD?s respectively and in the past few months we have seen an increase to about 70% make it from NOD all the way to REO. This means that over the next few months banks will take back up to 31k homes per month, so sales better really pick up or the bank REO inventory will just get worse.</blockquote>
<a href="http://mrmortgage.ml-implode.com/">http://mrmortgage.ml-implode.com/</a>
Will the market be able to sell this much inventory? How much will this hammer prices?
Last month, the banks took back 22k houses in CA, and managed to sell 11k
but MrMortgage reports
<blockquote>VERY IMPORTANT - Keep in mind that the 22,324 homes that the lenders took back in April were from Notices-of-Default from approx Dec, when there were 33k. In Jan, Feb, March and April there were 38,600, 37,300, 42,700 and 44,100 NOD?s respectively and in the past few months we have seen an increase to about 70% make it from NOD all the way to REO. This means that over the next few months banks will take back up to 31k homes per month, so sales better really pick up or the bank REO inventory will just get worse.</blockquote>
<a href="http://mrmortgage.ml-implode.com/">http://mrmortgage.ml-implode.com/</a>
Will the market be able to sell this much inventory? How much will this hammer prices?