Although it feels like the housing crisis is in our rear view mirror, lender foreclosure exposure remains high. Based on market data from leading property information and analytics providers, foreclosure rates are down from peak levels in January 2011; however, are still high when compared to historical trends. The primary reason for the higher than expected levels is the duration, especially in judicial states, to complete the foreclosure process.
What at one time consisted of four or five properties that took 60 to 90 days to sell, has turned into sometimes hundreds of properties that can take six to nine months, or more, to move. If your financial institution has been thrown into unfamiliar territory and you aren’t sure what to do or how to manage your large REO portfolio, we have a few ideas that we would like to share.Read More