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:
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?