Nov 10

Investors sell foreclosures faster than banks

According to Foreclosure Radar,
investors are faster at reselling foreclosures as compared to banks.

Those results vary by area, with Oregon banks taking an average 232 days to offload inventory — or 156 days longer than third parties, who take only 76 days. In Washington, however, it took banks only 52 days longer than third parties to resell foreclosed property.

Banks dealing with California properties take about 104 days longer on average to resell real estate, while banks working on Arizona and Nevada houses take about 70 days longer to move inventory compared to third-party investors.

“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.

O’Toole further warned that “politicians and bureaucrats are putting pressure on banks to become landlords, which will hurt local economic activity, as fewer properties are made available to local investors, also impacting their Realtors, contractors, and property managers, as well as home buyers in need of affordable housing.”

Housing Wire, August 11, 2011

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