Wave of foreclosures coming to market?

[Jon Klaus]

One of my contractors does a lot of property preservation and make ready work for a HUD and B of A contractor. He said that he is slammed with work orders lately and that his contractor is getting a 100 new work orders per day, all for different properties. I asked what is a normal number, and he said 20 new ones a day is a lot. These are coming from B of A. He said they were all north Texas properties.

Anyone else seeing this in other areas? Does B of A think the market is finally ready to absorb these? Or is there institutional demand for SFRs, like we are hearing about in CA? Other theories?

[Rob K.]

I've been hearing about this wave of foreclosures for a couple of years now. Maybe it's finally here. I have a pile-o-cash waiting for some deals.

The HUD site for my county usually has 1.5 to 2.5 pages of houses for investors. Today, there was less than one page. I remember in 2009-2010, there were 5-6 pages.