Is there another wave of REOs coming? Maybe.

Mike - I suppose it depends upon the area.  Shocking, I know.  BPO's may be a good indicator.  I don't think we are totally out of the mess, but I have a feeling we are getting there slowly but surely.

Mike - not being a Realtor, I don't have too much to contribute, but I will say that it seems that the market varies a lot depending on where you live. Living close to NYC, yet still in the suburbs and close to mass transit our area has not done too bad. I can't remember the last time I saw a foreclosure in our area. However, not surprisingly we also live in the most expensive part of the country and I often think of moving South where you can buy a house 4 times the size for the same price! Enjoy the rest of your weekend!

In NC, real estate agents cannot do a BPO unless there is a reasonable chance that agent will list the home. In my area we are predominantly a military market (so 98% VA loans), and their are specific designated agents that handle these VA REO homes, There would only be a few agents that could provide information about the increase of BPO requests. I will say that those agents handling the VA REO homes in this area ALL agree there are a significant number that will be entering the market in the next 12 months. 

I believe more homes will come but I do not see in BPO requests nor the homes going to auction.

Hi Mike - At least we can handle the process of selling REO's and, in our market, they are distorting the market a lot less, tending to sell pretty much near real market value (adjusted for condition issues). A huge dump of them may force some discounting - but they might also fill that inventory gap many of us are experiencing. At least they're not short sales.

Mike, All I can look to is our number of scheduled sheriff's sales.  The last three weeks the number has been dropping significantly.  Don't know if that trend will hold or not, but I hope so.

Oh Boy, Mike, that's news I'd rather not read about! I hope the answer will be "maybe not" but your BPO request analysis sure sounds like it.

I remember reading the paper and turning page after page with notices. For the past year or so it's been more like a page or 2 and I haven't seen a change there (yet).

Interesting, Mike.  I agree with you and Dick about REOs vs. Short sales.  Short sales aren't for the faint of heart!  Anyway, having more properties come to market in our area would probably be a good thing, as we are at incredible low inventory.  I'll be watching your posts to see how things play out.

Yeah I have heard and see similar things too. One thing to keep in mind for anyone who wants to get a great deal is remember Real Estate is not a car. You cant replace the one you like and you will NEVER replace that location! Take advantage of what opportunity there is and dont get caught up in the hype

Good Morning Mike~I'm seeing the same thing for REO appraisal requests, and the word is that there is a lot more coming in the near future. Let's hope this will be the final wave, because I think we're starting to work our way through some of that funky financing that went on several years ago.

Have an AWESOME day!

I'm seeing a large number of BPO requests from properties with no lis-pendens or listing, so I am assuming a number of refinances going on as well.

Good morning Mike,

I missed this post but am coming over from Kathy's picks for the week. Very interesting and I think for certain parts of the country could be very true. We need inventory in Austin..we are down 29% compared to last year and our short sales and foreclosures are back to normal. Thanks for your take on what you are hearing.

Mike - if foreclosure sales are an indicator then I will have to hold on to my hat as the inventory is coming back on the market. We've had over the last 8 weeks HUGE amounts of sales!