Obstacles delay REO sales
Part II: Banks to unleash flood of REOs
By Matt Carter, Tuesday, January 27, 2009.
Flickr photo by TheTruthAbout...While the government's efforts to keep lenders solvent may have allowed them to hold off on selling some properties at fire-sale prices in 2008 (see part one), real estate brokers and auctioneers expect REOs to be big business in many markets this year.
FDIC-insured banks had $23 billion of REO inventory on their books at the end of September -- a 134 percent increase from a year ago. That includes $11.5 billion in one- to four-family homes and $1.5 billion in property purchased with FHA-backed loans securitized by Ginnie Mae.
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