What Are Banks Doing With Foreclosures?
I know I have mentioned many times that they are holding off on listing them so they don’t flood the market with supply. Fannie Mae and Freddie Mac were said to have not listed 50% of their foreclosures just for that reason.
The article below state’s that is not true and gives some good reasons as to why they aren’t listed yet. I agree with the article but I also agree with what I have mentioned before. It is a combination but I am glad the article brought these to my attention along with just trying to keep up with the volume.
“Then I spoke with Ted Jadlos of LPS Applied Analytics. He says there is no clear evidence of purposeful accumulation by the banks of these foreclosed properties. They are, he believes, working through the huge onslaught of new defaults as fast as possible, but it takes time. He says they are selling REOs at a fast clip as well, within about three months of taking them as REO.”