RT – I definitely agree there are a boatload for NODs out there. BUT – what if they do re-work a high percentage of them by reducing interest rates and/or principle or both? This will allow a high percentage to stay in their homes and thus many of those NODs will never hit the market.
Just trying to figure out the direction this is going. Banks have been sitting on these places for a long time. They have the government bailout. You would think during the spring season they would unload them, yet they trickle in. Are they still not wanting to take the loss or are they in negotiations w/the buyers?
Obviously if the re-work a high percentage of the loans, it will effect the direction of the market and outcome could be much different than we’re thinking.
