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Monday, March 9th, 2009 at 3:26 PM

Foreclosure Agents Update ’09

Has the REO business been picking up?  The foreclosure agents we’ve been following were impacted by the foreclosure moratorium, where are they now?

Here is the first half of 2008, with today’s tally at the bottom:

Jan 15 – 474 Actives/149 Pendings = 3.18

Feb 7 – 482 Actives/187 Pendings = 2.57

Mar 13 – 477 Actives/205 Pendings = 2.33

Apr 18 – 467 Actives/247 Pendings = 1.89

May 13 – 418 Actives/298 Pendings = 1.40

June 10 – 344 Actives/288 Pendings = 1.19

June 27 – 261 Actives/261 Pendings = 1.00

March 9 – 223 Actives/223 Pendings = 1.00

In spite of the foreclosure ban, REO business has picked up – the totals were about half as much four or five months ago.

These same agents have listed 229 properties this year, and had 330 go pending since January 1st.   They’ve closed 260 so far this year, and improvement of 17% over last year’s 223 closings in the same period.

Posted on Monday, March 9th, 2009 at 3:26 PM in Foreclosure Agents | 9 Comments » | Print Print You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Reader Comments: 9 Responses

  1. Foreclosure numbers should be 10x’s higher. It’s a great time and age to be a deadbeat sponging off everyone elses hard work.

    shadash | March 9th, 2009 at 6:20 pm

  2. Shadash,

    You’ll love this one – it is typical for the REO occupants to leave trash behind, and state law gives them 18 days to come back for it. The new policy came down from BofA for Countrywide foreclosures:

    Per new Bank of America policy we are not to trash out any personal property prior to 60days. You may post a P&S notice for 18days but we will still add an additional 42days

    This is after the trustee sale is complete, and the bank already owns them – why delay further? Think they really care about the junk left behind?

    Or just trying to stall as long as possible?

    Jim the Realtor | March 9th, 2009 at 6:41 pm

  3. I think that is the law and not a policy decision by BofA. Those Dems at the Capitol love to add those type of restrictions.

    daniel | March 9th, 2009 at 7:33 pm

  4. Wouldn’t surprise me, but it was different a week ago.

    Jim the Realtor | March 9th, 2009 at 7:34 pm

  5. It is a moving target, if you know what I mean.

    daniel | March 9th, 2009 at 10:59 pm

  6. Big slash in the active numbers, though.

    shoppingaround | March 10th, 2009 at 3:38 am

  7. The active numbers were a lot lower – I stopped tracking it here because the REO business came to a virtual halt after the state law kicked in.

    I mostly wanted to re-post this for future comparisons, especially the A/P ratio, because the REOs have been blowing off the market, relatively.

    Jim the Realtor | March 10th, 2009 at 8:25 am

  8. I don’t think there is actually a federal law on retention of personal property. I don’t see it in the Protection for Homeowners Act. Maybe its in the TARP (and I’m not plowing through that again), but I doubt it.

    This is traditionally a matter for state law. Many states (like CA) have laws/regulations. Many other states don’t. While in theory you can throw stuff out on the curb and leave it there, its generally a bad practoce to do so. It can open you up to lawsuits for damaging the property and not utilizing what we lawyers call “the standard of care.”

    Former RB Resident | March 10th, 2009 at 9:18 am

  9. It should not be surprising that a REO property which has to sell, will sell. For every corpse there’s a coffin.

    sdbri | March 10th, 2009 at 12:06 pm

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