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Is there a new wave of REOs coming?

Apr. 28, 2012

There seems to be a lot of confusion as to whether we've hit the bottomForeclosure Sign of the real estate value collapse, has the foreclosure wave receded and is the market starting to recover.  I'd love to tell you I have answers to all three, but I don't.  What I do know is what I'm seeing in my market.

During 2007 - 2010, whenever a wave of REOs was about to hit the local market, I would get a large volume of requests for BPOs from a dozen or so companies.  As the government got involved in the real estate market in 2009-2011, the number of local foreclosures began to decline along with the BPO requests.

In the summer of 2011, I received an email from a colleague who works directly with a number of large banks.  She said, the shadow inventory we've been hearing about for the past two years is huge, and it's going to be released in 2012, be ready.  We'll, it's 2012, and I'm ready.  I think.

Down ArrowWas she right?  Maybe, maybe not, but I'm starting to see a trend.  During 2007 - 2010, if a wave a REOs were about to hit our market, I would get four or five BPO requests in a week.  A big week might be five to eight. I did have thirteen from one company on one day, but that was extremely unusual.

Now, I'm receiving requests for BPOs, including interiors every week and almost everyday including weekends.  The requests are coming in three to five at a time.  The requests are spread over small number of companies working with a large number of banks.  That is 3 - 5 is per day.  To have fifteen to twenty-five requests a week is now the norm. 

Another indicator that a large wave of REOs is coming in the local Foreclosure signsmarket is your local paper.  Watch the local paper's listings of foreclosure sales.  We went from 1 - 2 a day to as many as 17 on one day.  I've had more REO companies contacting our company to ask if we would be willing to service their properties.  This week, I had one company ask if we could handle as many as 15 at a time.  

Is there a new wave of REOs coming to the market?  I believe so.  If history is any indicator of what's coming, it's going to be huge.  

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Give me a call for all your real estate needs, and let's make something amazing happen. 

Mike Cooper @ Cornerstone Business Group, Inc., 888-722-6029

Real Estate Sales and Property Management

 

(Disclaimer:  All grammatical mistakes, punctuation breakdowns and misspellings are purely for your amusement and entertainment.  Feel free to cackle.)

 

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Mike Cooper - Real Estate Broker Winchester, VA/WV

Blog by Mike Cooper
Winchester, Virginia

I love what I do. Every real estate transaction is personal with me because it affects the lives of the people on both sides of the deal. I want every transaction to be successful and as smooth as possible. I would like to help you with your next real estate purchase or sale. Feel free to call at 540-722-6029.

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