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Overvaluing residential properties and the growing glut of REO

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  • Thomas J. Fitzpatrick IV
  • Stephan Whitaker

Abstract

Swelling REO inventories are the latest fallout of the housing crisis, costing lenders money and contributing to neighborhood blight. Yet lenders could avoid taking on so much REO if they could more accurately estimate the value of the homes they foreclose on, especially in weak housing markets. Correcting this apparent misunderstanding of the market could speed the clearing of REO inventories, save lenders money, and help stabilize housing markets.

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File URL: http://www.clevelandfed.org/research/commentary/2012/2012-03.pdf
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Bibliographic Info

Article provided by Federal Reserve Bank of Cleveland in its journal Economic Commentary.

Volume (Year): (2012)
Issue (Month): Mar ()
Pages:

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Handle: RePEc:fip:fedcec:y:2012:i:mar15:n:2012-3

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Keywords: Housing - Finance ; Foreclosure - Ohio;

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Cited by:
  1. Thomas J Fitzpatrick IV & Lisa A. Nelson & Francisca G-C Richter & Stephan Whitaker, 2012. "The effect of local housing ordinances," Working Paper 1240, Federal Reserve Bank of Cleveland.

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