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Long Tail of Distress Seen in REO Increase

IRVINE, CA—A recent increase in bank REOs shows that the US housing industry is still dealing with the distressed inventory from the last housing crisis, but the market is still on the path to health, RealtyTrac's Daren Blomquist tells GlobeSt.com EXCLUSIVELY.

By Carrie Rossenfeld | Updated on January 22, 2016

IRVINE, CA—A recent increase in bank REOs shows that the US housing industry is still dealing with the distressed inventory from the last housing crisis, but the market is still on the path to health, RealtyTrac‘s VP Daren Blomquist tells GlobeSt.com. As we recently reported, according to the firm’s most recent national foreclosure report, defaults, repossessions and auctions during 2015 were down 3% from 2014 and 62% from the peak in 2010, but bank repossessions increased in 2015 following four consecutive years of decreases. Some of the biggest increases in REOs were in New Jersey (up 226%), New York (up 194%), Texas (up 115%), North Carolina (up 108%), and Pennsylvania (up 61%). We spoke exclusively with Blomquist about this trend and what it means for the housing industry.

GlobeSt.com: What does the increase in bank REOs indicate about the housing industry today?

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