RealtyTrac’s Sharga: Banks still holding 70% of REO from market

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Banks repossessed about 77,000 homes last month, down slightly from October. Foreclosure filings were still up 18 percent from a year ago, and a new wave is expected next year as unemployment remains high and borrowers fall out of loan modification programs.

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Nomura and RBS await judge ruling on FHFA mortgage lawsuit Nomura, RBS and the FHFA declined comment before trial. The banks’ decision to go to trial contrasts with competitors, who cut settlements for nearly $17.9 billion following a series of adverse.

“It’s getting worse,” Rick Sharga, RealtyTrac’s executive vice president for marketing, said in an interview. “The number of properties that have been foreclosed on by the banks and still haven’t sold is the highest we’ve ever seen.” U.S. economic growth slowed to 1.8 percent in the second quarter as unemployment rose.

Number of US homes facing foreclosure jumps 57 percent in January By Associated Press Tuesday, February 26, 2008. LOS ANGELES – The number of homes facing foreclosure jumped 57 percent in January compared to a year ago, with lenders increasingly forced to take possession of homes they couldn’t unload at auctions, a mortgage research firm said Monday.

The major kink in the housing market’s recovery, and for the macro economy overall, is the work left to be done on homes currently in the foreclosure process, those about to enter it and the amount of repossessed homes the banks must shed.. RealtyTrac’s Sharga: Banks still holding 70% of.

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California Foreclosures Set to Surge.. Sharga said. A restarted foreclosure process means prices in California are set for possibly more drops, but the effect will not be seen immediately, why are the banks still holding the inventory off the market? I have heard many stories and none of.

Bank Owned Homes that have been on the market for thirty days or longer usually have more room to negotiate. Banks are more willing to look at lower offers the longer the home is on the market. Check the history on a Bank Owned Home to find out if there have been any lower price adjustments.

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Banks aren't reselling many foreclosed homes – SFGate – A vast "shadow inventory" of foreclosed homes that banks are holding off the market could wreak havoc with the already battered real estate sector, industry observers say. Lenders nationwide are.

Ox Realty Group – RealtyTrac’s Sharga: Banks Still Holding 70% of REO from Market Looks like the market won’t be making any major changes until 2013. 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