Institutional investors snatch up presale foreclosures
In another sign of institutional investors’ appetites for foreclosures, inventories of presale foreclosures have declined since last year as lenders have made volumes of foreclosures available via REO tapes to hedge funds.
Nationally, some 1.69 million properties are in the presale foreclosure inventories.
Nationally some 1,689,000 properties are in the presale foreclosure inventories.
Presale foreclosures Last month presale inventories fell 0.41 percent on a monthly basis and 19.6% on a year-over-year basis, according to Lender Processing Services.
Presale foreclosures, also called preforeclosures, are properties that have yet go to auction where they are either sold to a third party or go back to the lender to become REOs.