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Loan Modification

: Mortgage Lender Implode-o-Meter

More Bank-Owned Homes Likely to Hit the Market

By Implode-Explode Heavy Industries

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``After soaring in 2008, the REO total shrank for most of 2009 as foreclosure-prevention efforts slowed the flow of defaulted loans toward resolution and investors rushed to buy what they saw as bargains in hard-hit areas such as Phoenix and Las Vegas. Now, as banks and other loan servicers work their way through the backlog of loan-modification applicants and reject many of them, the REO count is rising again. Mr. Tayon expects it to peak at 538,000 in August 2011 before starting to decline gradually.''

Full post as published by Mortgage Lender Implode-o-Meter on May 31, 2010 (boomark / email).

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