TG: Much like the old Realtor’s mantra of location, location, location, there will be the new banker’s mantra of inventory, inventory, inventory.
The banks do not have a choice. At present, they are only putting out less than 30% of their REO inventory. The rationale was that by so doing they would keep prices from cratering and thereby recoup as much value as possible.
It now appears (post 1Jan08) that they are going to get whatever price they can, and clear the books. This pressure is only going to increase, so it will be very interesting to see what happens next.
SDR: Most of the info I am getting on REOs is anecdotal in nature, and is coming from the folks I know in the banking/investment (Wells Fargo, Bear Stearns) business. Since many of them are not directly related to housing or mortgage lending, the information tends to be somewhat second-hand.
What are your contacts on the lending and banking side saying as relates to REOs? You mentioned you are seeing more aggressive pricing from banks. What are you hearing from within the banking community? Just curious.
SDR: Most of the info I am getting on REOs is anecdotal in nature, and is coming from the folks I know in the banking/investment (Wells Fargo, Bear Stearns) business. Since many of them are not directly related to housing or mortgage lending, the information tends to be somewhat second-hand.
What are your contacts on the lending and banking side saying as relates to REOs? You mentioned you are seeing more aggressive pricing from banks. What are you hearing from within the banking community? Just curious.
SDR: Most of the info I am getting on REOs is anecdotal in nature, and is coming from the folks I know in the banking/investment (Wells Fargo, Bear Stearns) business. Since many of them are not directly related to housing or mortgage lending, the information tends to be somewhat second-hand.
What are your contacts on the lending and banking side saying as relates to REOs? You mentioned you are seeing more aggressive pricing from banks. What are you hearing from within the banking community? Just curious.
SDR: Most of the info I am getting on REOs is anecdotal in nature, and is coming from the folks I know in the banking/investment (Wells Fargo, Bear Stearns) business. Since many of them are not directly related to housing or mortgage lending, the information tends to be somewhat second-hand.
What are your contacts on the lending and banking side saying as relates to REOs? You mentioned you are seeing more aggressive pricing from banks. What are you hearing from within the banking community? Just curious.
SDR: Most of the info I am getting on REOs is anecdotal in nature, and is coming from the folks I know in the banking/investment (Wells Fargo, Bear Stearns) business. Since many of them are not directly related to housing or mortgage lending, the information tends to be somewhat second-hand.
What are your contacts on the lending and banking side saying as relates to REOs? You mentioned you are seeing more aggressive pricing from banks. What are you hearing from within the banking community? Just curious.
TG, great homework, as usual, keep em coming. Its good to see that the banks are finally getting serious. 08 could be a big, big year for us housing bears.
TG, great homework, as usual, keep em coming. Its good to see that the banks are finally getting serious. 08 could be a big, big year for us housing bears.
TG, great homework, as usual, keep em coming. Its good to see that the banks are finally getting serious. 08 could be a big, big year for us housing bears.
TG, great homework, as usual, keep em coming. Its good to see that the banks are finally getting serious. 08 could be a big, big year for us housing bears.
