The Silbert Team's Blog

As an Agent handling REO sales for many banks, we've found that the number of deficiencies has risen while the number of actual REO opportunities has diminished.  How can there be close to 300 Notice of Trustee Sales per day without the inventory entering the market?  This is a question we've posed to many Asset Managers.  Their explanation is that the Obama Administration is placing substantial pressure on their institutations to exhaust all possible options for Loan Modifications before foreclosing on property.  While it does make sense to try to help people keep their homes, the reality is that many are only postponing the inevitable.  Given the double-digit decrease in values, many of our clients who pursue these options often ask whether they are gaining anything other than a temporary stay of execution.  The answer for most is no.  Therefore, many would be well served to take the "hit" now and sell for a loss versus stringing out the inevitable for years to come.  The reality is that until these homes begin hitting the market, we will not be able to solve the problem in our market.  It's time the Obama Administration, and more specifically The Department of Treasury, leave the real estate market alone so that it can begin healing. Your thoughts and comments on this are greatly appreciated!!