Daily Real Estate News June 2, 2008
Bank-Owned Homes Continue to Surge The number of foreclosed home owned by lenders is rising, even though banks are increasingly willing to do what it takes to sell properties.Lenders and investors in mortgages owned about 660,000 foreclosed homes in April, up from 493,000 in January and 231,000 in January 2007, according to First American CoreLogic, a research firm. That’s one in seven previously owned homes currently for sale nationwide.Some lenders are cutting prices as often as every 20 days on homes that aren't selling, says David McCarthy, chief executive officer of Integrated Asset Services LLC, a Denver-based company that helps banks value and sell REO homes.