Third-party investors are much faster at reselling foreclosures than banks, according to ForeclosureRadar, a California-based tracking firm.
ForeclosureRadar keeps close tabs on foreclosure activity in states along the country’s western seaboard, and the company says one market dynamic that it’s found to be consistent throughout the area is that investors are moving foreclosed homes at a more rapid pace than lenders who take possession of REOs.
In Oregon banks take an average 156 days longer to sell foreclosed inventory than third-parties, according to ForeclosureRadar’s report.
California banks on average take 104 days longer to dispose of REOs than third-party investors do to resell their distressed assets.
Arizona and Nevada banks both take an average of 70 days longer to move inventory than investors, while inWashington the resell timeline is 52 days more for banks.
ForeclosureRadar keeps close tabs on foreclosure activity in states along the country’s western seaboard, and the company says one market dynamic that it’s found to be consistent throughout the area is that investors are moving foreclosed homes at a more rapid pace than lenders who take possession of REOs.
In Oregon banks take an average 156 days longer to sell foreclosed inventory than third-parties, according to ForeclosureRadar’s report.
California banks on average take 104 days longer to dispose of REOs than third-party investors do to resell their distressed assets.
Arizona and Nevada banks both take an average of 70 days longer to move inventory than investors, while inWashington the resell timeline is 52 days more for banks.
Looking at ForeclosureRadar’s historical data, the resell timelines for investors and banks were separated by fewer than 8 days as recently as February in Washington and Oregon, and fewer than 20 days in Arizona and Nevada as recently as January.
In California the disparity between the two disposition channels has been 70-plus days, going back at least a year.
“Our statistics clearly show that real estate investors continue to far outperform banks in dealing with distressed properties,” said Sean O’Toole, CEO and founder of ForeclosureRadar.
In California the disparity between the two disposition channels has been 70-plus days, going back at least a year.
“Our statistics clearly show that real estate investors continue to far outperform banks in dealing with distressed properties,” said Sean O’Toole, CEO and founder of ForeclosureRadar.
