Banks paring down commercial REO inventories

Increased demand for commercial real estate has helped several Michigan banks trim “other real estate owned” (OREO) inventories on their third-quarter balance sheets, MiBiz reports.

“As banks continue selling off foreclosed and repossessed properties — both commercial and residential — prospective buyers shouldn’t expect to find the kinds of bargains that they could have gotten months ago,” MiBiz’s Mark Sanchez reports. Source: mibiz.com