Basically it appears that we may be seeing more REO's hit the market. You know, the ones that have been foreclosed upon? Not that they've been holding them, but since the Robo-Signing Mortgage Settlement has just about been fulfilled, they can proceed with actually foreclosing on the ones that have been hiding in the dark.
Which will work out for Banks since prices have risen, they stand to make more on the resale than they could have if foreclosed upon last year. Hmmm, funny how that worked out.
Regardless, if this comes to fruition, most definitely it will slow the pace of appreciation we've been seeing. Yes, more supply, preferably REO's and Standard Sales over Short-Sales, will continue to put the pause on outrageous price hikes.
We've already seen the stall here in SCV. Let's see if we start seeing more REO's come on the market now. I've got the buyers for them!
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