In order to get the whole picture when talking about the Bank Owned, REO foreclosed homes that are on the market, we need to look back just a few years ago to the number of homes that were given up to the banks. Even back in the early part of 2000, lender owned homes were only a fractional list of buyers to choose. Today the number is 5 and 6 times that amount and probably more.
One aspect as to why the number of MLS bank owned listings is high, because the homes are not selling at auction. The auction is the outcome of buyers loosing their homes. But now it is seen that the auction is probably one of the worst ways to buy a property. There is no way to really know the condition of the properties, the time lines are short and most bidders will wait until the homes come out on the MLS market. Take a look at the list of all Foreclosure and REO properties in the link above.
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