REO

The city of Detroit has implemented a new vacant property procedure that allows city inspectors to board up vacant, foreclosed homes at the cost of the property owner. The city says the ordinance is intended to secure and protect vacant properties for the safety of the community.

According to new research by Standard & Poor’s released this week, $250 billion of securitized mortgages are presently in bankruptcy, foreclosure, or REO, and the company says the performance of private-label securities – those that banks keep on their books – are expected to decline even further.

Lenders took back 7,300 foreclosed properties in the tri-county South Florida area during the first quarter of the year – representing a 54 percent increase over the same period in 2008 – according to a new report from Condo Vultures LLC, which provides residential real estate data for some of the markets hardest hit by the housing crisis, including South Florida, Las Vegas, Los Angeles, Phoenix, and San Diego.

Maryland-based Aspen Grove’s Aspen iAgent technology has been approved as the default REO solution for Keller Williams Realty agents across the United States. Aspen iAgent allows real estate agents to manage REO properties, from assignment through closing, via a secure, Web-hosted application.

In Today’s Gloomy Real Estate Market, Vacant Properties Offer a Glimmer of Hope First it was the subprime explosion. Next it was concerns about adjustable-rate mortgages (ARMs)—creative loans with artificially low teaser rates scheduled to reset to higher rates through 2009.

Mark DeGolyer and Ruthe Joyner DeGolyer had never purchased a home through a real estate auction before, let alone through an online auction, and like many people who consider the online avenue for a home purchase, the DeGolyers were nervous at first.

Montgomery County, Maryland and the Maryland Department of Housing and Community Development announced last week that they will provide up to $450,000 to three non-profit organizations to support foreclosure prevention counseling.

Austin, Texas-based TexTerra Auctions, LLC, has opened its doors for business. The newly created real estate auction company is focused on assisting lending institutions in Texas with offloading commercial and bulk residential REO properties.

Five national companies in the mortgage and property management industry – Avalar Network, Inc., DDN Services, ECJ Asset Management, TrustTitle, and TT Lender Solutions – announced on Friday the formation of a strategic alliance to provide a one-source, cross-functional solution for lenders and investors to manage distressed real property loan assets.

Seattle-based Zillow announced on Wednesday plans to launch co-branded real estate Web sites with 180 newspapers nationwide. The Tampa Tribune and 100 newspapers published by Community Newspaper Holdings, Inc.