Could a recent uptick in foreclosure filings mean more REO inventory later this year?
Or just a fake-out to keep the short sales moving?
At least we can say that there’s been no waiting for us at Bank of America. They listed 1848 Kerisiano for $519,000 just 10 days after the former owner vacated. For us, this is the second BofA REO in a row that they turned around within two weeks of gaining occupancy, so hopefully that’s a sign of things to come (?).
But the three-year foreclosure trend has been a fairly steady downward slope – through 1Q12:
With the new law that allows owners to sue their lenders foreclosing on them, I suspect that the average Free Rent™ program will increase.