REO sales may not peak until 2013


Foreclosure Sign, Mortgage Crisis

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REO sales may not peak until 2013.

This is a frightening article from HousingWire, not recommended for all audiences…

They run some estimated numbers of potential foreclosures throughout 2012 and 2013.  Their estimates are staggering to say the least.  This year, nationally speaking, the banks liquidated approx 525,000 properties.  In 2013 they are expecting as many as 1.48 million foreclosures and liquidating roughly 595,000 properties.

It is difficult to say what impact our region will feel from this yet as these are only estimates and these estimates have been all over the map…

 

In 2013, REO sales could reach 1.48 million properties, according to estimates from Bank of America Merrill Lynch analysts, a 10% increase from projected amount in 2012.

…Most of the projected increase will come as the government begins to unload its backlog. The government-sponsored enterprises and HUD, analysts estimate, will liquidate roughly 595,000 properties in 2013 alone.

We have moved well beyond the early days of the subprime mess.  We are now dealing with traditional mortgages with owners in trouble because of job loss and underemployment.

The only way out of this mess is to turn the economy around.

* on a related subject.  If you find yourself as one of the many households facing foreclosure from job loss or whatever reason – there are some resources out there for you.

A Foreclosure Clinic will be held at 6:30 p.m. Thursday, Oct. 27 at the Savage Library.

Read more: Savage Pacer – Foreclosure Employment is No 1 factor

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