The Real Deal Miami

Investors warm to bulk sales nationally

December 08, 2008 03:22PM

The huge inventory of foreclosed homes is prompting some investors to
explore bulk purchases, an avenue many market observers hope will lift
the pall from the South Florida market. Barclays Capital estimates that
banks and loan investors owned 871,000 foreclosed homes as of Nov. 1,
up from 414,000 a year earlier. Barclays forecasts that this inventory
will peak at around 1.4 million homes in mid-2010. That deluge has
persuaded some banks to start bargaining. In recent months, Wells Fargo
& Co., Fannie Mae and Synovus Financial Corp. have negotiated a few
transactions and have signaled to investors they might be willing to do
others.