Expected REO glut largely never happened

07/29/2013 | AmericanBanker.com (free registration)

Institutional investors in the past two years have jumped into the foreclosure market, driving down early price discounts and easing the anticipated glut of real estate owned properties at banks. The rebounding market has also helped. "REO inventory is down significantly," said Paul Leonard, senior vice president of government affairs for The Financial Services Roundtable's Housing Policy Council. "I've heard that it's down more than 30% since 2011 -- some have said more -- mainly driven by fewer delinquencies and foreclosures."

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