REOs Hit 18-Month High, Foreclosures Bring New Inventory

According to a recent Realtytrac report, REOs and foreclosure filings were placed on 125,875 homes in April, 2015--a 9 percent jump from a year ago, and an 18-month high. In fact, one in every 1,049 homes had a foreclosure filing, the report said.

Courtesy of Realtytrac

Courtesy of Realtytrac

“While distressed sales typically have a stifling effect on the housing market, in this particular market an influx of distressed inventory could actually help stimulate sales during the spring and summer buying season as new listings become available, often in the middle to lower ranges of the market,” Daren Blomquist, vice president at Realtytrac said in the release.