This week, an increase in non-REO inventory combined with a decrease in REO inventory to bring the counts lower for the seventh straight week of decline. This is the lowest it has been thus far in 2011. Although the REO inventory rose sharply toward the end of 2010, many banks were offering special incentives to consumers and selling agents for sales that closed by 12/31/2010. This was most likely an attempt to have an impact on their year end balance sheets and the market inventory is now returning toward the normal level with slow moves each week.
If you're considering the purchase of an REO property, call me for additional information on bank owned properties in Hampton Roads.
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