Sounds like a contradiction on terms, doesn’t it? In actuality, they are pretty much the same thing.

Foreclosures are viewed as homes that the bank is in the process of taking back from homeowners. Reposessions are homes that are already taken back by the bank.

Banks are trying to get rid of what the inventory they currently have on their books. They are less motivated to take on more homes, as it will only serve to further deteriorate the market.

The majority of banks are working to work out short sales, to reduce potential repo inventory. There are more homes in peril than banks and government officials want to acknowledge.

More homes on the market is not a path to neighborhood stabilization.

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Posted on Tuesday, July 6th, 2010 at 9:39 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.