Posted by Henry B. Torn on September 16, 2009 at 4:36pm
Rumor or FactI have posted on past blog begging AM's to release more of their inventory to meet buyer demand. I have been hearing 'rumors' lately that there is an anticipated 'dumping' of properties on the market coming up in OCT/NOV/DECdue to the Bank's need to show profits for the calender year.Any truth to this? What are you hearing? I certainly invite any feedback from you AM's who might be in the know!
The USRES/RESNET newsletter states that they projected an inventory increase in the 4th Quarter of 2009 and steady increase in 2010. However I tend to agree with Carlos. HAMP slowed down the foreclosures since its inception on 04/09 and as the program gets closer to its expiration which is 06/10, I actually think that the 4th quarter of 2010 will be very busy. Until then let's hang tight! :-)
Heard from a source in charge of the REO department at a top 4 financial institution that inventory will continue to decrease. We should expect assignments to increase in about two months or the first quarter of 2010. The decrease in assignments is due to HAMP and other programs that have slowed foreclosures.
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