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Bank of America to release homes

By Implode-Explode Heavy Industries

``Throughout the country, estimates of homes being taken back by Bank of America range from 11,000 to 14,000 a month in the early part of this year to 29,000 to 35,000 by November and December, said John Ciresi, vice president and portfolio manager for Bank of America in Towson, Md.... Banks are trying to convert some of them to short sales, but they're holding on to houses in lieu of the market stabilizing and it has," Kiernan said. "But every trend says there's a second tsunami coming. These houses are somewhere. They're not disappearing''

Full post as published by Mortgage Lender Implode-o-Meter on January 17, 2010 (boomark / email).