RealtyTrac Senior Vice President Rick Sharga said major banks currently hold roughly 1 million REO, or homes repossessed through foreclosure, but only 30% have actually made it onto the market.
According to its year-end report, foreclosure filings reacheda new high in 2010 and should climb even higher this year, possibly surpassing 4 million filings. And that’s not counting the more than 5 million delinquent loans that have yet to enter the initial stages of the foreclosure process, Sharga said.
“I think you’re looking at a 2011 that will be worse than 2010, then some stabilization through 2012. In 2013, you’ll see a more manageable number of REO,” – Sharga
As RealtyTrac employees have found, notices of default “dropped off a cliff” late last year and are still off in January, Sharga said.
REO’s on the MLS again someday ?
