又一次的狼来了： Foreclosure Flood

Aired on CNBC August 31, 09:

我们都知道，银行一直在hold很多的房子for monthes. 大家拭目以待他们会把这些房子如何处理。 下面的录像是CNBC昨天的报道：

不过现在看这些新闻感觉就是狼来了。 叫嚣了几次了市场上的inventory还是很少。 现在很多人要买房子但是没有房源。 尤其是好区的房子大家喜闻乐见的价位的房子更是奇缺。 搞得有个好房子一出来就像早市一样拥挤。所以真的会不会有很多bank own出来，会不会影响整体房价，就只能拭目以待了。


下面也是CNBC的一个记者写的：

There have been a lot of accusations on the blogs and on the air that banks are holding on to REO (bank-owned) foreclosed properties because they don't want to put them on the market and push home prices ever lower.

In digging into this, I got a few interesting answers:

Bank of America:

• Foreclosure sales have been abnormally low since we learned of the pending implementation of the administration's Making Home Affordable program. From that point, we delayed the initiation of foreclosure proceedings and sales for customers that may eligible for a loan modification under MHA. As a result of this policy, our foreclosure sales in recent months have been as little as half the normal pace we experienced before.
• Until a foreclosure is completed, Bank of America continues to exhaust every possible option to qualify customers for modification or other solutions.
• Now that Making Home Affordable programs are operational, we do project an increase in foreclosures as we exhaust every available option to qualify customers for modifications and other solutions.
• While we have very strong loan modification programs now available, unfortunately, these foreclosure projections reflect the increasing number of customers who will not qualify for loan modification because they have suffered major life events servicers can't solve...primarily unemployment and underemployment.
• We do not hold foreclosed properties off the market. The vast majority of mortgages serviced by Bank of America are owned by third-party investors. We have an obligation to them to prepare foreclosed properties for market and sell them as efficiently as possible.

Then I spoke with Ted Jadlos of LPS Applied Analytics. He says there is no clear evidence of purposeful accumulation by the banks of these foreclosed properties. They are, he believes, working through the huge onslaught of new defaults as fast as possible, but it takes time. He says they are selling REOs at a fast clip as well, within about three months of taking them as REO.

Based upon foreclosure and REO timelines, it's going to take at least 18 months to flush the system of our current problems. But to flush the problems in only 18 months, more problem loans need to leave the system relative to the new problem loans of today and tomorrow. That does not appear to be the case right now-we aren't clearing faster than new problems are emerging.