Bank of America hasn’t started up their foreclosure machine yet – here are the number of San Diego County properties they have foreclosed on recently:
September: 259
October: 56
November: 1
You can see below that the REO results were building some momemtum between June and September, only to have the robosigningforeclosuregate be the latest excuse to slow down the pace:
The stats look similar across the state – flippers were cooling off because the prices were getting too high, and banks/servicers were taking back an increasing load of properties between June and September. Here are the California results:
Will they devise a new crisis every time they start taking back too many REOs?
Ugh!
I believe you allude to the servicing fee benefit of not foreclosing but the cost of the MERS angle might offset it. Indeed though it will be months or years before the MERS monster can bite. The free rent stimulus continues. Just Ugh.