The word from REO agents was that May and June would see a new wave of Trustee's sales and REO's (Real Estate Owned properties). These numbers from Countrywide back up that information. They show that a 4.5 month trend of declining REO's from Countrywide has officially ended around 6/5/2008.
The decline in REO's began around 1/17/2008 when the REO's peaked at 15,649. They steadily decreased until 6/5/2008 when they hit a 4.5 month low of 12,287. As shown below, the number has risen by 1,742 to 14,029. This is the largest single increase in the last 12-months.
For eleven months of data check below:
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