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The national percentage of residential single-family properties that were REO was 10 percent as of February 2015, which is five times its pre-crisis share of 2 percent, meaning that in many metro areas the REO share is still way above pre-crisis levels, according to data released by CoreLogic. In the May 2015 MarketPulse, Senior Economist Molly Boesel examined the question of whether or not REO share was headed back toward "a more normal level."
In an examination of 386 metro areas which had at least 100 home sales in the last year, CoreLogic found that only 16 of them had REO shares below their pre-crisis means calculated during a six-year period from 2000 to 2006, and the median distance between the REO share in the metro areas in February 2015 and pre-crisis was 6 point 2 percent. Only 14 metros, or 3 percent, had REO shares in February 2015 that were within 1 percent of their pre-crisis shares.
The Senate Banking Committee has narrowly approved a regulatory reform bill by a party-line vote of 12 to 10. The Financial Regulatory Improvement Act of 2015, introduced two weeks ago by Senate Banking Committee Chairman Richard Shelby, a Republican from Alabama, is aimed at providing regulatory relief for community and regional banks and credit unions, and proposes what Shelby calls "moderate" changes that would increase the transparency of the Federal Reserve.
