There has been a rebound lately in the number of weekly trustee sales resulting in REOs, but still relatively low numbers overall, compared to where we think they should be:
Below is the quarterly chart for the last three years. Even though the foreclosure moratoriums are mostly expired, there haven’t been more properties getting foreclosed than in 2008 – but add in the cancellations and it looks to be about the same (or more) volume as 2-3 years ago. Are banks letting people off the hook, or did defaulters get their loan mod? Or were they just bluffing?
But you might be able to say that the servicers must be getting sharper on price, and/or the investors are getting more optimistic – the third-party purchases have gone up substantially since 2008.