Riding the REO wave to a new high

Report: Record bank-owned inventory, but fewer loans going bad

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Inman Connect New York | January 29 - February 1, 2019

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.