Patient: There are a good number of REO’s out there already as I am sure you are aware.The current NOD’s will probably add significantly to those numbers. The other day Perry made a thread that had a quote from an Reo guy telling how desperate they were to try not to drive down comps with these houses. Sooner or later they are going to have to let them go at a faster pace. My guess is they are doing all the damage control possible behind the scenes first.I was alive and well in the last bust and have made the mistake of thinking things are going to follow the same script,there were bargains by now. There aren’t anything like comparable bargains yet that’s for sure. I bought a house in 91′ for 38% less than the previous owner did and it rented for almost twice my mortgage after 10k materials and appliances and some DIY repairs.
