I have an agent in my office that is the queen of bank repos. Her name is Jan Willey. She informed our office at yesterday's sales meeting that one of her big banks (name not disclosed) was going to be getting a bunch of repo's within the next couple of months.
She went on to say that the lender told her that they would slowly filter the inventory into the market. I take this to mean that they realize that if they suddenly have 40 houses for sale in our market, instead of 10-15, that it will not only impact the housing market in general, but their price as well.
Good planing on their part.
Does anyone one else have something they can contribute to this topic?