Here are a few more facts as pertains to the REO/ Foreclosure/ Shadow listing conversation:
* According to RealtyTrac Senior Vice President Rick Sharga, major banks currently hold roughly 1 million REOs.
* Only 30% have actually made it onto the market. Agents, that means 70% of the homes the banks have ALREADY foreclosed on are sitting..vacant. These homes are all expected to hit the market in the next few months. Don’t be confused, that accounts for only a tiny percent of the looming Shadow Inventory. * Foreclosure filings reached a new high in 2010.
* Realtytrac expects 2011 foreclosures to surpass 2010 by a massive margin… 4 million filings are expected this year.
* That number does NOT include the more than 5 million delinquent loans that have yet to enter the initial stages of the foreclosure process.
* As reported last week, there is expected to be upwards to 20,000,000 underwater homeowners if values fall another 5%. And, across the US there is little question that prices are indeed falling.