The counts of local bank-owned properties are not out in the open, and people are wondering – are there loads of REOs waiting to hit the market?
Here are the SD County REOs from the tax rolls, compared to April 8, 2008:
With a county population of 3 million people, there should be adequate demand to soak up the remainding REOs once they finally hit the market.
As I understand it an reo is where the bank has actually went through the foreclosure process and trustee sold the property for the beneficiary.
Those numbers do not include all the people who have quit paying on their deeds of trusts. Any indication of the number of notice of defaults? Are they even issueing those anymore? Can we get any idea of the number trustors who are not paying their bills?
Those numbers also do not include the reos of fannie and freddie.
There is this big secrecy going on about the inventory and people would really like to know the truth.There is so much bs being thrown out out by the media people dont know who or what to believe.
REO = “real estate owned”, where the servicer has conducted a trustee sale unsuccessfully and has taken ownership on behalf of the lender.
It is frustrating to follow along with the counts and explanations – here is today’s version: