Monday, August 10, 2009

REOs Priced to Move

Another interesting real estate story on Real Estate Owned (REO) properties, which are the ones banks have foreclosed on.

Good News: Banks are pricing the REOs to sell.  They price them low so they can get their money more quickly.  They'd rather bid up the sale price from multiple offers, than price higher with no offers at all.

Bad News: They all are predicting the next wave of residential foreclosures in the fall.  This prediction is largely in agreement with my earlier analysis on this blog.

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