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RealtyTrac’s Sharga: Banks still holding 70% of REO from market

Home foreclosure filings in April totaled 243,353, up 4 percent from March, RealtyTrac, an online market of foreclosure properties, said in its U.S. Foreclosure Market Report. The figure is a total of default notices, auction sale notices and bank repossessions.

That puts foreclosure-related filings on a pace to hit about 3.5 million this year, up from more than 2.3 million last year. "The sheer scale of the problem is preventing the loan modification programs from having the kind of impact we’d all like" said Rick Sharga, RealtyTrac’s senior vice president for marketing.

RealtyTrac’s Sharga: Banks still holding 70% of REO from market Beverly 0 Comments Contents 0%- interest deprives Default asset industry Realtytrac senior vice Hold roughly 1 million reo 4.19 percent (0.8 point Holding real estate.

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 · No doubt listing a lot of REOs at once does have a negative impact on the market. But, the idea that lenders are holding properties off the market to maintain prices suggests a level of cooperative action for the collective good which I don’t think is occurring. Having 70% of your REO inventory sitting around unlisted sounds bad, but is it really?

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“It’s getting worse,” Rick Sharga, RealtyTrac’s executive vice president for marketing, said in an interview. “The number of properties that have been foreclosed on by the banks and still haven’t sold is the highest we’ve ever seen.” U.S. economic growth slowed to 1.8 percent in the second quarter as unemployment rose.

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RealtyTrac’s Sharga: Banks still holding 70% of REO from market Beverly 0 Comments Contents 0%- interest deprives Default asset industry Realtytrac senior vice Hold roughly 1 million reo 4.19 percent (0.8 point Holding real estate.

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Many banks, still burdened by bad lending decisions, are holding back on providing credit. market prices for many assets held by financial institutions — so-called legacy assets — are either uncertain or depressed. With these pressures at work on bank balance sheets, credit remains a scarce commodity, and credit that is available carries a.

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