It’s a REO property. I think it’s entirely possible that it will see the same trajectory of decline in the next 1-2 years since this and next year will see the largest loan reset, which would cause a higher foreclosure rate. Which means banks will price REO property more aggressively. We’re no where near the bottom and there’s no reason to think the trajectory of decline will flatten out. We’ll just have to wait and see. A house 2 doors away also got a NOT. It was auctioned off a week or 2 ago. I doubt that there’s any taker since it was the 2nd that was foreclosing it. Anyways, if that property went into REO, then you have 2 similar property 2 doors away competing against each other. The question then would be, which bank is more serious to sell.
