HousingWire reports that though the number of completed foreclosures has dropped by 9.4 percent from last year, consumer desire for new construction may make it harder to sell existing, distressed properties.
In February, tight supply of existing homes undercut potential sales for these homes at a 2.9 percent seasonally adjusted annual rate, totaling 153,000 in lost sales, per the latest data from First American.
Analysts with the Bank of America Merrill Lynch believe the federal government’s real estate-owned (REO) rental program could encompass 20 percent of the national foreclosure total.