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

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RealtyTrac’s Sharga: Banks still holding 70% of REO from market Gets m warehouse line extension from PNC Bank – barcap expects minimal secondary market impact from HARP extension RealtyTrac’s Sharga: Banks still holding 70% of REO from market Jon Prior was a reporter with HousingWire through late 2012.

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9–Banks still holding 70% of REO from market, Housingwire via Excerpt: 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.

70 pay off. FSLR was doing so well I had to warn members not to be greedy at 12:37 and, at 1:42, I called a full market. in-lieu-of foreclosure’ activity lately," said Sharga. This is a transaction.

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 · Only 30% of bank-owned properties are listed on the multiple listing services, says Rick Sharga, senior vice president at foreclosure listing firm RealtyTrac. He figures banks still own as many as 500,000 properties that they want to sell but haven’t put on the market.

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Notice of default filings jumped nearly 70% in California from the previous month, led by renewed activity from Bank of America, according to the data provider ForeclosureRadar. Foreclosure starts increased in five West Coast states from the previous month: California, Arizona, Washington, Oregon and Nevada.