Comments on: Bank Owned Inventory is Rising http://www.foreclosuretruth.com/blog/sean/bank-owned-inventory-rising/ Tue, 27 Jul 2010 17:07:33 -0700 http://wordpress.org/?v=2.8.5 hourly 1 By: Lance http://www.foreclosuretruth.com/blog/sean/bank-owned-inventory-rising/#comment-2520 Lance Wed, 25 Jun 2008 19:39:00 +0000 http://new.www.foreclosuretruth.com/?p=158#comment-2520 <p>Anonymous - DataQuick reports on public records data - as such the MLS has no impact whatsoever. To be clear their numbers on REO resales are based on properties that had a trustees deed recorded (97% of these went back to the bank) and were then resold fro the bank to a 3rd party.</p> <p> </p> <p>You are correct that sales of all other kinds are currenly higher than new REOs (though amazingly that wasn't true in January). But the point here is that the banks are taking back more propertes than they are getting resold. That means bank inventories are rising despite reports that MLS inventories are decreasing.</p> <p> </p> <p>Sean (from Lance's computer)</p> Anonymous – DataQuick reports on public records data – as such the
MLS has no impact whatsoever. To be clear their numbers on REO resales
are based on properties that had a trustees deed recorded (97% of these
went back to the bank) and were then resold fro the bank to a 3rd party.

 

You are correct that sales of all other kinds are currenly higher
than new REOs (though amazingly that wasn’t true in January). But the
point here is that the banks are taking back more propertes than they
are getting resold. That means bank inventories are rising despite
reports that MLS inventories are decreasing.

 

Sean (from Lance’s computer)

]]> By: Anonymous http://www.foreclosuretruth.com/blog/sean/bank-owned-inventory-rising/#comment-2519 Anonymous Wed, 25 Jun 2008 02:26:44 +0000 http://new.www.foreclosuretruth.com/?p=158#comment-2519 <p>Sean, </p> <p> </p> <p>Dataquick numbers do NOT count foreclosure sales unless they are on MLS.  The numbers you quoted are likely "distressed" (short sale + MLS REOs).  All other REO sales are in addition to the DQ numbers.  Bad mistake for a supposed expert.  What say you that sales of all kinds are accruing FASTER than REOs?</p> Sean,

 

Dataquick numbers do NOT count foreclosure sales unless they are on MLS.  The numbers you quoted are likely “distressed” (short sale + MLS REOs).  All other REO sales are in addition to the DQ numbers.  Bad mistake for a supposed expert.  What say you that sales of all kinds are accruing FASTER than REOs?

]]> By: james frangella http://www.foreclosuretruth.com/blog/sean/bank-owned-inventory-rising/#comment-2518 james frangella Sun, 01 Jun 2008 05:09:29 +0000 http://new.www.foreclosuretruth.com/?p=158#comment-2518 <p>Sean, </p> <p>I'm trying to predict the end of the foreclosure market in my local area of the Monterey Peninsula.  My thought is that once the REOs are all sold, the market might return to a level of normalcy (is there such a thing?).  Not every sold or refi-ed property in the last couple of years will be on the bank-owned bandwagon!!   </p> <p>I've been tracking the sold properties from the MLS and can easily count the number of homes sold in a given time frame.  I'm wondering if I could factor some kind of ratio for FCs to sold homes and figure out a time frame as to when we can see the end. </p> <p>Am I making sense??  </p> <p><em><strong>James Frangella</strong></em></p> Sean, 

I’m trying to predict the end of the foreclosure market in my local area of the Monterey Peninsula.  My thought is that once the REOs are all sold, the market might return to a level of normalcy (is there such a thing?).  Not every sold or refi-ed property in the last couple of years will be on the bank-owned bandwagon!!   

I’ve been tracking the sold properties from the MLS and can easily count the number of homes sold in a given time frame.  I’m wondering if I could factor some kind of ratio for FCs to sold homes and figure out a time frame as to when we can see the end. 

Am I making sense?? 

James Frangella

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