Jan
24
Long Tail of Distress Seen in REO Increase
ByNavigating the complex world of commercial real estate is about to get even easier and smarter – look for the NEWGlobest.com coming in February!
Blomquist: “I would expect to see continued elevated levels of REOs for at least the first half of 2016 before those numbers finally turn a corner and head lower.”IRVINE, CA—A recent increase in bank REOs shows that the US housing industry is still dealing with the distressed inventory from the last housing crisis, but the market is still on the path to health, RealtyTrac’s VP Daren Blomquisttells GlobeSt.com. As we recently reported, according to the firm’s most recent national foreclosure report, defaults, repossessions and auctions during 2015 were down 3% from 2014 and 62% from the peak in 2010, but bank repossessions increased in 2015 following four consecutive years of decreases. Some of the biggest increases in REOs were in New Jersey (up 226%), New York (up 194%), Texas (up 115%), North Carolina (up 108%), and Pennsylvania (up 61%). We spoke exclusively with Blomquist about this trend and what it means for the housing industry…
