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J P Morgan Chase reports REO are here to stay....

By
Real Estate Agent with Roudebush Realty,Inc.

J.P. Morgan Chase is reportedly projecting ahead into the not too distant future and has concluded that bank-owned sales “as a share of total home sales will remain at current or even higher levels three years from now…” reports the Wall Street Journal.

This is not news to any of us agents. The market is going to stay where we are. I am not surprised with this news, are you? I am seeing my market tons of REO's and everyone buying REO's. Yes REO's are here for a long time. Will this create more desired to get in to  investing in them and flipping them? I am sure that my investors loved this article because they are making a money. It is very alarming to be a seller in this market and not understand what a REO in your block is doing to your home value.

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Geoff ONeill
John L. Scott Medford - Medford, OR

Chase did not give any statistics on Loan Modifications.  They are not inclined to help homeowners stay in their homes, so they are preparing for more REOs.

Mar 10, 2010 01:50 AM