We've been following the same four realtors who specialize in REO sales - here's an update on their sales of houses and condos:

Jun 11 - 328 Actives/98 Pendings = 3.35

Aug 21 - 382 Actives/111 Pendings = 3.44

Sep 20 - 425 Actives/97 Pendings = 4.38

Nov 9 -  486 Actives/128 Pendings = 3.80

Nov 25 - 484 Actives/138 Pendings = 3.51

Dec 14 - 446 Actives/147 Pendings = 3.03

Jan 15 - 474 Actives/149 Pendings = 3.18

Feb 7 -   482 Actives/187 Pendings = 2.57

Mar 13 - 477 Actives/205 Pendings = 2.33

Apr 18 - 467 Actives/247 Pendings = 1.89

May 13 - 418 Actives/298 Pendings = 1.40

June 10 - 344 Actives/288 Pendings = 1.19

The same four agents have closed 624 transactions year-to-date. 

(They closed 763 in 2007)

Their active inventory has dropped considerably, but that could be due to the MLS debacle as much as anything.  But it wouldn't surprise me to see the REO market grind to a halt.  All participants must be beyond peak capacity, and until servicers are willing to hire more people or streamline the process, I don't think we'll see additional production - these agents are already looking at doubling their closings this year compared to 2007.