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In the Greater Grand Rapids Area we are in a very depressed area with one of the highest foreclosure rates in the country. For us, it's mostly because of manufacturing job loss rather than due to exotic loans. Regardless, there are a lot of HUD REO properties. But we also have a lot of FHA borrowers. Recently, we've seen a trend changing where HUD has priced the homes so aggressively low that it's caused a competition situation where people are over-bidding. One might think this is a good sign that the market is changing. Perhaps, but in the short-term, what is … (3 comments)
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