More Foreclosures
On Sunday, we discussed the shift in foreclosures from sub-prime to prime, via the NYT. This morning, the WSJ jumps in with this column: Number of Foreclosed Homes Keeps Rising.
"The number of foreclosed homes owned by lenders continues to rise despite signs that they are increasingly willing to slash prices to sell those properties.
Lenders and investors in mortgages owned about 660,000 foreclosed homes in April, up from 493,000 in January and 231,000 in January 2007, according to First American CoreLogic, a research firm based in Santa Ana, Calif., that collects data from lenders and county clerks. The April total works out to about one in seven previously occupied homes available for sale nationwide.
A surge in defaults has increased the inventory of bank-owned homes, known in the trade as REO, for "real estate owned." By cutting prices, lenders have managed to increase sales of such homes sharply in recent months in some cities hit hard by foreclosures, including Las Vegas, Detroit and Sacramento, Calif., local real-estate brokers say."
More inventory = lower prices = no bottom yet . . .
>
Source:
Number of Foreclosed Homes Keeps Rising
Lenders Cut Prices To Jump-Start Sales As Inventory Grows
JAMES R. HAGERTY
WSJ, June 2, 2008
http://online.wsj.com/article/SB121236060176236293.html
Monday, June 02, 2008 | 09:00 AM | Permalink
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It's too bad the fed doesn't have a facility where you can put housing inventory at one end, and get out oil at the other. might solve all our problems!!
yeah. right.
Posted by: Jhunt | Jun 2, 2008 9:14:36 AM
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