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REO

U.S. Firm Partners with European Bank to Buy Distressed Assets

ICP Financial, a U.S. real estate investment firm headquartered in Boulder, Colorado, has signed an agreement with an unnamed top 5 European bank to buy distressed commercial real estate property and mortgage portfolios directly from American banks. The arrangement gives ICP a $4.8 billion purse to make individual purchases between $5 million and $180 million.

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National Asset Management Firm Recruits Minority Brokers

Vendor Resource Management (VRM), a Texas-headquartered asset management firm, will visit four cities in February and March to recruit minority brokers. These InMOTION recruitment events will take place in Cleveland, Philadelphia, Indianapolis, and Detroit. The company says through this initiative, it hopes to provide additional business opportunities for minority real estate offices, help stabilize property values in neighborhoods hardest hit by the economy, and deploy educational resources to the entire broker community.

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Clear Capital Sees Signs of Upturn in U.S. Home Prices

Clear Capital has released new home price data, with an encouraging, albeit cautious, analysis. The company reports that through the end of January, national home prices are down 1.6 percent on a rolling quarter-over-quarter basis. But despite the negative quarterly price change, Clear Capital says U.S. home prices stopped declining in early January and have posted their first uptick since mid-August 2010. The company says the likely explanation for the sudden increase is the slowing of the rate of REO sales.

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Auction.com Offers $2.4B in Foreclosed Assets in 2010

According to Auction.com, a real estate marketing and disposition services site, 2010 was a record year. The site offered 35,350 foreclosed assets for $2.4 billion last year, numbers that lead the industry, the site's owner Real Estate Disposition Corp. (REDC) said in a statement. So far in 2011, Auction.com has auctioned 4,710 foreclosures for $258 million at 94 percent of reserve, according to the company.

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Half of Families Can Afford Most Homes on the Market: Report

According to data from Movoto.com, a real estate site based in California, more than half of American families can afford to buy a new home based on income levels and listing prices. But while the site's user search statistics show high interest in affordable price ranges, the company says buyers find it difficult to purchase short sales and foreclosures and banks are still reluctant to lend.

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Fiserv: After Years of Record Declines, Home Prices Begin To Stabilize

The ups and downs seen in home price data over the past few years indicate a slow recovery in home prices with many false starts, especially in markets riddled with foreclosed properties, according to Fiserv, Inc. But the company's analysts say that while the ebb and flow is not over, they expect 75 percent of U.S. metro areas to see stable prices by the end of 2011. Fiserv says home prices have already leveled out in one of four metro areas.

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Homeownership Levels Lowest Since 1998, More Declines Predicted

Homeownership levels posted Monday by the U.S. Department of Commerce are, at 66.5 percent, the lowest they have been since the fourth quarter of 1998. By contrast the rental vacancy rate decreased 0.9 percent from the rate in the third quarter of 2010, and is the lowest it has been since the first quarter of 2003. Analysts say the nation's homeownership rate is likely to fall further, as evidenced by a combination of weak housing demand and high supply.

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California’s New Foreclosures Fall to Lowest Level in Over Three Years

The number of California homes going into foreclosure dropped during the fourth quarter of 2010 to its lowest level in more than three years. According to San Diego-based DataQuick, 69,799 Notices of Default (NoDs) were recorded in the state during the three-month period, down 16.2 percent from the prior quarter and down 17.5 percent from a year earlier. California's priciest ZIP codes saw mortgage defaults rise slightly quarter-to-quarter, but defaults still remain much higher in lower-cost areas.

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FHA Extends ‘Anti-Flipping Waiver’ to Speed Sales of REO Homes

The Federal Housing Administration (FHA) announced Friday that it is extending the suspension of its 'anti-flipping rule' through the remainder of 2011. FHA Commissioner David Stevens says the temporary waiver will accelerate the resale of foreclosed homes in neighborhoods that are overrun with abandoned properties and blight. The move is intended to help stabilize home values and improve conditions in communities experiencing high foreclosure activity.

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Halo Asset Management Acquires Equitas Housing Fund

Texas-based Halo Companies, Inc. has acquired Equitas Asset Management, LLC and Equitas Housing Fund, LLC (the Fund). The $20 million Fund is a real estate venture that invests in single-family residential real estate across the United States. It primarily invests in undervalued or distressed properties at or below replacement cost through bank-owned real estate and non-performing mortgages.

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