Across the United States, more and more markets are seeing a major increase in the amount of properties that are reaching foreclosure. REO Broker Greg Toussieng shares an update on the status of the market and how this is actually good news for buyers interested in purchasing REO properties:
In a recent Quarterly U.S. Foreclosure Market Report, land and property data indicate that there were a total of 92,634 foreclosure filings in Quarter 3 of 2022; with 31,836 foreclosures filed in September alone. As Quarter 1 of 2023 climbs the near-end hurdle, REO Broker Greg Toussieng has seen a steady increase in foreclosure activity. He would even go as far as to say that the market is on a steady trajectory to return to pre-pandemic levels. As many Americans continue to struggle with making their mortgage payments, the foreclosure market flourishes. This has been especially true for what Toussieng calls ‘the ultimate foreclosure opportunity: the REO property.
REO vs. Foreclosure
Greg Toussieng REO Broker and CEO of Choice Home Mortgage describes REO listings as a type of foreclosure property… with added benefits! An REO is a property that has been reclaimed by the bank or brokerage company who issued the original mortgage. A typical foreclosure which is often sold as-is without the opportunity for an inspection and potentially without the chance for a walkthrough presentation. However, an REO is required to be restored to habitable condition. So as the REO market continues to see an increase in activity, there’s no better time to pursue these opportunities! For more information, reach out to the Mortgage Man himself: Greg Toussieng of Choice Home Mortgage.
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