Hubzu.com buying opportunity?

[Eddie Egelston]

Hello BP-

In the last month I have noticed in my local market (Chicago) that properties on Hubzu.com started to fly off the shelves. The seller seemed to be much more willing to make a deal, as compared to before when it seemed those properties lingered on the market for an extra long time.

Yesterday I read this news article that basically said OCWEN, the main loan service provider that sells it's REOs on Hubzu.com is being sued by federal and state authorities. 20 state regulators have stopped them from originating any new business.

It seems to make sense then, that the folks at OCWEN knew this was coming, and started to perhaps sell off more inventory to raise cash? Being banned from originating business in 20 states would seem to cut into cash flow a bit!

Has anyone else noticed this trend on Hubzu.com in their market as well? Any thoughts on this development?