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Originally Posted by mikejr
i know that most of the f/c we do are on subprime loans and they get pounded on them. If i were to hazard a guess i would say the banks are recouping about 50% of the unpaid balance and even less once they factor in f/c costs, property preservation/management and eviction costs.
We've been seeing more and more high end homes going to f/c now. i've got a few million in high end home inventory right now when in years past we'd maybe have one or two a year.
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50% hurts. I'd bet it's more like 70% here.