Industry NewsMarkets & Economy

Riding the REO wave to a new high

Report: Record bank-owned inventory, but fewer loans going bad
Published on Apr 30, 2010

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by CareyBot

The number of homeowners in foreclosure or behind on their mortgages continued to decline in March, but inventories of real estate owned (REO) homes repossessed by lenders climbed to a new high of 1.1 million, according to the latest report from Lender Processing Services.

The total number of non-current loans, which includes 30-, 60- and 90-day delinquencies and loans in the foreclosure process, fell 8.6 percent from February to March, to 6.3 million, LPS said. It was the second consecutive monthly decline in total non-current loans, which fell to their lowest level since July.

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