Housing Wire has an interesting piece on how there are so many REOs on the market and in the pipeline, Bank of America Merrill Lynch analysts think those sales won’t peak until after 2013. (Those analysts predict 2013 REO sales to hit 1.48 million properties — up 10% from what’s expected in 2012.)

And while they don’t expect this to cause a huge price drop (as in 2008), the BofAML analysts pointed out that “the implication is that home prices will continue to decline as the foreclosures transition through the pipeline.”

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