I think some of the banks are slow to understand the local markets. One street I am looking at had four listings on the street and the bank repo was the smallest and the highest priced with an out of county realtor. It’s not the first time I’ve seen it. The worst part of the scenario is that the other three had been languishing on the market for months so a five minute internet search could let anyone know what a reasonable price would be, I would think the REO guy at the bank would look at something other than what they loaned when pricing it. With prices falling every day and an avalanche of foreclosures on the way, I am hoping banks will panic soon and lead the way downward with some more aggressive prices but I haven’t seen it yet.
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