RealtyTrac’s Sharga: Banks still holding 70% of REO from market

a source knowledgeable with that probe says the issue is whether banks deliberately hired ratings agency employees because they knew tricks to boost ratings. the bottom line, according to bank analyst brad hintz, is all these investigations are keeping individual investors out the stock market. it reminds him of what happened after the crash of 1987. >> it took four years before the retail.

RealtyTrac’s Sharga: Banks Still Holding 70% of REO from Market Looks like the market won’t be making any major changes until 2013. RealtyTrac Senior Vice President Rick Sharga said major banks currently hold roughly 1 million REO, or homes repossessed through foreclosure, but only 30% have actually made it onto the market

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Housing advocates: FHFA won’t reduce principal, offers discounted NPLs The mediation program, which began in 2012, was designed to help people stay in their homes, but, as Special Master Merrill Sherman has written, lenders’ unwillingness to reduce loan principal for homes that have lost significant value means that modification often does little to help “underwater” borrowers.

The $1 trillion in reserves extended the banks at -0%- interest deprives those who sold at the market top, unlike the idiots at the top banks who were there bullish, from utilizing the proceeds of their houses for earning interest in excess of rent. Their minimal savings returns subsidize those who made bad decisions, the government viewing the.

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Sharga estimates that about one-third of all sales are foreclosure sales and stated that this can’t help but create a ‘chilling effect’ on the market. Bank stocks last week took a pounding based on the idea of possible massive write-downs on toxic real estate loans – Bank of America in particular dropped below $12 a share (hitting a 52 week low.

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"They were the worst three months of all time," said RealtyTrac spokesman Rick Sharga. During that time, 937,840 homes received a foreclosure letter – whether a default notice, auction notice or bank repossession – according to RealtyTrac, the online marketer of foreclosed homes.

While that’s a positive for the real estate market, buyers in other parts of the country are still holding back. "I think a lot of people are waiting to see if we really have hit the bottom.

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