jp, I didn’t mean to say reo’s don’t count as comps, just not the price when it goes from the person losing the house back to the bank, those can come up as closed sales but they weren’t really a sale and they sometimes only record the amount of the first mortgage so they can be skewed. When a bank owned house sells on the open market or at an auction, it counts, but appraises take into account that is was an REO because the condition can vary. It’s logical because a thrashed repo with everything removed has to be discounted some when compared to a turnkey property, but not all repos are thrashed, so one comp doesn’t set the market, it takes a couple but it is on course for sure.
