Reo Listings: Current Reo inventory Will Take 40 Months To Clear

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Huge number of Reo Homes Still Held By Lenders; Foreclosure Actions Up Sharply in Other Cities over America

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Fitch Ratings, a global prestige rating agency, now estimates that the huge "shadow inventory" of Reo properties still being held by lending institutions will take at least 40 months to process and sell.

With an estimated 7.5 million Reo homes yet to be listed, it will take some time for major banks to liquidate these properties. Of all the house home loans Jpmorgan Chase holds, for example, one out of every thirteen are in foreclosure today for a total worth of billion. Currently, it takes almost 18 months for an Reo home to be processed and resold, from the date of the last mortgage payment.

These numbers all but guarantee that Reo listings will continue to account for a huge chunk of all real estate sales for at least the next three to four years.

A new spike in foreclosures will also add considerably to the allembracing Reo inventory. Ongoing foreclosure actions are beginning to perceive big jumps in other areas over America. While most of the attentiveness has gone to Florida, California, Nevada and Arizona - the "big four" which have experienced the biggest surge in Reo properties over the past few years - other cities and states are suddenly finding dramatic increases.

In the third quarter of 2010, foreclosure actions (which contain all from default notices to actual bank repossessions) rose in 65 percent of the country's top 200 housing markets. Seattle saw a 71 percent jump, Chicago a 35 percent jump and other cities such as Houston and Atlanta also saw double-digit increases. When it came to actual bank repossessions, Boise, Idaho saw a 71 percent jump and Philadelphia saw a 38 percent rise.

Unemployment seems to be driving these new numbers - and it's also affecting the number of prime mortgage delinquencies in modern months, which are also up sharply. The managing director of the applied analytics department at Lender Processing Services, Kyle Lundstedt, said current mortgage delinquencies are above 7 million.

Loan modifications aren't helping distressed homeowners either. It was recently reported that, of the almost 16,000 mortgage modifications done on Freddie Mac loans in the second quarter of 2009, 42% had fallen back into delinquency 12 months after the workout. Which explains why Freddie Mac suffered a two and a half billion dollar loss in the third quarter and has requested someone else 0 million from the U.S. Treasury.

Reo agents, brokers and other professionals skilled in this specialized field will continue to be desperately needed as this segment of the real estate shop continues to dominate in the advent months.

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