MIA: Foreclosure Inventory
I was talking to the assistant for one of my companies REO agents. He has 3 banks and in December had a pipeline to keep 2 assistants busy. That was then, this is now.
The large banks have stopped releasing REO's to their representing agents. None Nada Zip. What do they know that we don't?
There are curious rumors. The most interestingÂ says that the big banks are getting ready to go on a short sale binge. B of A, for example, is rumored to haveÂ a new program that will flood the marketÂ with short sale properties. I have seen a few of these but no flood.
I would welcome a flood. Inventory would have to triple in the central Contra Costa market just to get to last years levels. Last year was a pretty good year for sales. Right now stories in the paper are out stating that sales are off last years pace. Duh! No kidding! Inventory is off 50%! Of course sales are off. Maybe the oligarch's are forcing prices up to reduce their foreclosure losses.
It's not ONE bank its ALL banks that have shut their pipelines down. Coincidence? Still think having a few large banks is good for the world?
We all know that Europe is a mess. If the European Central Bank can't solve the Euro's problems they could lock up the debt markets over there just as thing had happenedÂ in 2008 over here. Remember those days? No one could get loans, trillion dollar bailouts, Fed printing crazy dollars...Â that last one is still going on. Not letting foreclosed properties go seems to go against logic here, what do I know though, I'm just a soldier on the front lines.
REO Agent's, Mortgage Brokers, and Bank Employees.Â What is going on. Please share what you know!