The only reason I can think of that some banks aren’t being very agressive about their REOs is that they must be thinking they can manage their losses. If a bank was listening to one of the economists who are saying this will be over soon it would make sense to them to try and run the clock so as to not cause more defaults by contributing to the declining prices.
The head-in-sand approach would also appear attractive to any executive whose compensation involves quarterly performance bonuses based on stock prices.
I think these attempts are akin to rearranging deck chairs. Worse, really. Sooner or later they have to move those properties, and time is not on their side.