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Mortgage News Daily combines the expertise of some of the housing industry's leading minds with the power of social media to offer an always lively, constantly evolving web community. MND communicates breaking news, streams video, and provides expert opinion and commentary to a community of interested market professionals and curious consumers.J.P. Morgan: Foreclosure Sales Could Be Higher in Three Years
Efforts to modify loans and delay foreclosures may have helped hold down the stock of foreclosures for sale in the second half of 2009, fostering home-price stabilization. But that cure could require different medicine: an elevated level of foreclosures for sale over the next three years. Analysts from J.P. Morgan Chase & Co. are forecasting that bank-owned sales as a share of total home sales will remain at current or even higher levels three years from now in more than half of the nation’s 10 largest housing markets, according to a recent investor presentation. (The slides for the presentation are available as a PDF.) Bank-owned sales–or “REO,” real-estate owned, in industry parlance—are expected to account for between 39% and 50% of home sales in Phoenix in the fourth quarter of 2012
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J.P. Morgan: Foreclosure Sales Could Be Higher in Three Years
Efforts to modify loans and delay foreclosures may have helped hold down the stock of foreclosures for sale in the second half of 2009, fostering home-price stabilization. But that cure could require different medicine: an elevated level of foreclosures for sale over the next three years. Analysts from J.P. Morgan Chase & Co. are forecasting that bank-owned sales as a share of total home sales will remain at current or even higher levels three years from now in more than half of the nation’s 10 largest housing markets, according to a recent investor presentation. (The slides for the presentation are available as a PDF.) Bank-owned sales–or “REO,” real-estate owned, in industry parlance—are expected to account for between 39% and 50% of home sales in Phoenix in the fourth quarter of 2012
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