We keep hearing about his Tzunami Wave of foreclosure properties, the Shadow Inventory, etc. I have heard from several bank executives and experts in the foreclosure industry that there is enough inventory to last another 4 to 5 years or more.
I know several REO agents and investors who are expecting all those thousands of listings and investment properties to come. Hey I am not going to lie I want my share too. But lets look at the way things are handle.
First remember the "Foreclosure Moratoriums" of 2008 to 2009, maybe they were included to halt foreclosures while loan modification programs and guidelines where worked out to help some avoid foreclosure, or maybe because the inventory was so high everybody was affraid that the prices will drop too fast to soon.
Then banks started to release forclosures from February 2009 to October 2010 and the "Robosign Freeze" came to turn the foreclosure foucet off. From October to now the REO inventory has decline and many of us REO agents have very little inventory. And now we have to wait for the ones we have under contract several months to resolve title and foreclousure issues.
Well I keep hearing that in August and September the banks will release a lot inventory. I have been approved with 3 new asset manager companies, which where not taking new agents, in July. Is that a sign that there will be more of inventory coming? I hope so, It seems that now most of the robosign properties are starting to get clear from the courts to ratify the foreclosures.