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asragov.
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November 4, 2007 at 2:10 PM #10809November 4, 2007 at 2:18 PM #95394
nostradamus
ParticipantI was wildly speculating on another thread that banks are holding onto their foreclosures (of which there are something like 13.5 million someone else posted) so the inventory of for-sale homes is kept artificially low(er) thus prices will stick as much as possible. To further speculate I’d say that the banks have the housing market by the huevos! If they decide to dump their foreclosures onto the market we’ll be in for one wild ride. Does anyone think this would happen?
November 4, 2007 at 2:18 PM #95452nostradamus
ParticipantI was wildly speculating on another thread that banks are holding onto their foreclosures (of which there are something like 13.5 million someone else posted) so the inventory of for-sale homes is kept artificially low(er) thus prices will stick as much as possible. To further speculate I’d say that the banks have the housing market by the huevos! If they decide to dump their foreclosures onto the market we’ll be in for one wild ride. Does anyone think this would happen?
November 4, 2007 at 2:18 PM #95459nostradamus
ParticipantI was wildly speculating on another thread that banks are holding onto their foreclosures (of which there are something like 13.5 million someone else posted) so the inventory of for-sale homes is kept artificially low(er) thus prices will stick as much as possible. To further speculate I’d say that the banks have the housing market by the huevos! If they decide to dump their foreclosures onto the market we’ll be in for one wild ride. Does anyone think this would happen?
November 4, 2007 at 2:18 PM #95466nostradamus
ParticipantI was wildly speculating on another thread that banks are holding onto their foreclosures (of which there are something like 13.5 million someone else posted) so the inventory of for-sale homes is kept artificially low(er) thus prices will stick as much as possible. To further speculate I’d say that the banks have the housing market by the huevos! If they decide to dump their foreclosures onto the market we’ll be in for one wild ride. Does anyone think this would happen?
November 4, 2007 at 5:22 PM #95480kewp
ParticipantThis is what pisses me off more than anything. The fed is cutting interest rates so the banks can borrow money more cheaply, while they are already sitting on billions of dollars of RE assets.
If they need liquidity they should get it the old fashioned way, via liquidation of assets.
However, they are in the unenviable position that each foreclosure sale is going to lower the comps for all the other REO’s in the area. A real classic Catch-22.
The thing is, though, they *have* to get rid of them at some point in time. They can’t carry non-performing assets forever. Which is why I’ve been saying for awhile that the worst is yet to come.
The banks don’t have anybody by the huevos, if anything the FB’s are calling the shots now. They can threaten bankruptcy, sue for predatory lending or just stop paying and wait for the bank to evict them.
November 4, 2007 at 5:22 PM #95495kewp
ParticipantThis is what pisses me off more than anything. The fed is cutting interest rates so the banks can borrow money more cheaply, while they are already sitting on billions of dollars of RE assets.
If they need liquidity they should get it the old fashioned way, via liquidation of assets.
However, they are in the unenviable position that each foreclosure sale is going to lower the comps for all the other REO’s in the area. A real classic Catch-22.
The thing is, though, they *have* to get rid of them at some point in time. They can’t carry non-performing assets forever. Which is why I’ve been saying for awhile that the worst is yet to come.
The banks don’t have anybody by the huevos, if anything the FB’s are calling the shots now. They can threaten bankruptcy, sue for predatory lending or just stop paying and wait for the bank to evict them.
November 4, 2007 at 5:22 PM #95487kewp
ParticipantThis is what pisses me off more than anything. The fed is cutting interest rates so the banks can borrow money more cheaply, while they are already sitting on billions of dollars of RE assets.
If they need liquidity they should get it the old fashioned way, via liquidation of assets.
However, they are in the unenviable position that each foreclosure sale is going to lower the comps for all the other REO’s in the area. A real classic Catch-22.
The thing is, though, they *have* to get rid of them at some point in time. They can’t carry non-performing assets forever. Which is why I’ve been saying for awhile that the worst is yet to come.
The banks don’t have anybody by the huevos, if anything the FB’s are calling the shots now. They can threaten bankruptcy, sue for predatory lending or just stop paying and wait for the bank to evict them.
November 4, 2007 at 5:22 PM #95422kewp
ParticipantThis is what pisses me off more than anything. The fed is cutting interest rates so the banks can borrow money more cheaply, while they are already sitting on billions of dollars of RE assets.
If they need liquidity they should get it the old fashioned way, via liquidation of assets.
However, they are in the unenviable position that each foreclosure sale is going to lower the comps for all the other REO’s in the area. A real classic Catch-22.
The thing is, though, they *have* to get rid of them at some point in time. They can’t carry non-performing assets forever. Which is why I’ve been saying for awhile that the worst is yet to come.
The banks don’t have anybody by the huevos, if anything the FB’s are calling the shots now. They can threaten bankruptcy, sue for predatory lending or just stop paying and wait for the bank to evict them.
November 4, 2007 at 5:45 PM #95432SD Realtor
ParticipantFor sure it is a speculative statement to say the banks are holding properties. In “some” cases it does seem they are pricing a bit more aggressive but those are few and far between. I am not so sure that they are holding properties back though.
Anyone can go to the Countrywide website to view the properties that they own. All of them on the website have realtors as contacts to find out more.
http://www.countrywide.com/purchase/f_reo.asp
Could they have another cache of thousands more that they are sitting on and pawn off and dribble out a few hundred to REDC every 3 months? Perhaps.
SD Realtor
November 4, 2007 at 5:45 PM #95488SD Realtor
ParticipantFor sure it is a speculative statement to say the banks are holding properties. In “some” cases it does seem they are pricing a bit more aggressive but those are few and far between. I am not so sure that they are holding properties back though.
Anyone can go to the Countrywide website to view the properties that they own. All of them on the website have realtors as contacts to find out more.
http://www.countrywide.com/purchase/f_reo.asp
Could they have another cache of thousands more that they are sitting on and pawn off and dribble out a few hundred to REDC every 3 months? Perhaps.
SD Realtor
November 4, 2007 at 5:45 PM #95494SD Realtor
ParticipantFor sure it is a speculative statement to say the banks are holding properties. In “some” cases it does seem they are pricing a bit more aggressive but those are few and far between. I am not so sure that they are holding properties back though.
Anyone can go to the Countrywide website to view the properties that they own. All of them on the website have realtors as contacts to find out more.
http://www.countrywide.com/purchase/f_reo.asp
Could they have another cache of thousands more that they are sitting on and pawn off and dribble out a few hundred to REDC every 3 months? Perhaps.
SD Realtor
November 4, 2007 at 5:45 PM #95502SD Realtor
ParticipantFor sure it is a speculative statement to say the banks are holding properties. In “some” cases it does seem they are pricing a bit more aggressive but those are few and far between. I am not so sure that they are holding properties back though.
Anyone can go to the Countrywide website to view the properties that they own. All of them on the website have realtors as contacts to find out more.
http://www.countrywide.com/purchase/f_reo.asp
Could they have another cache of thousands more that they are sitting on and pawn off and dribble out a few hundred to REDC every 3 months? Perhaps.
SD Realtor
November 4, 2007 at 5:53 PM #95434asragov
ParticipantYou can find the REO’s on their respective websites, but note that they are usually sold through realtors who specialize in this sort of thing:
http://bankofamerica.reo.com/search/
http://www.citimortgage.com/Mortgage/Oreo/SearchListing.do
http://mortgage.chase.com/pages/other/co_properties_landing.jsp
http://www.us.hsbc.com/1/2/3/personal/home-loans/properties
Clearly banks are “managing” the process of getting these properties to market.
November 4, 2007 at 5:53 PM #95492asragov
ParticipantYou can find the REO’s on their respective websites, but note that they are usually sold through realtors who specialize in this sort of thing:
http://bankofamerica.reo.com/search/
http://www.citimortgage.com/Mortgage/Oreo/SearchListing.do
http://mortgage.chase.com/pages/other/co_properties_landing.jsp
http://www.us.hsbc.com/1/2/3/personal/home-loans/properties
Clearly banks are “managing” the process of getting these properties to market.
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