Foreclosure

As part of a new strategic alliance, ClearMarkets, LLC, announced Tuesday that it is partnering with the Keller Williams Global Property Solutions Group. Through this partnership, ClearMarkets will gain access to Keller Williams' network of certified residential and commercial agents and brokers. In return, these agents will be trained by Keller Williams on ClearMarkets' technology and expertise for transparent bid management, asset sales and marketing, as well as reporting.

As fewer foreclosed properties sold and the impact of the federal homebuyer tax credit began to fade, May marked the first time in 21 months that Las Vegas region home sales dropped below the year-ago level, MDA DataQuick recently reported. According to the property data provider, a total of 4,386 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area in May, down 1.7 percent from April and 3.3 percent below last year's level.

Troubled homeowners seeking foreclosure assistance now have more resources available to them than ever before, according to the Center for American Progress. In a report released in late June titled ""Now We're Talking-A Look at Current State-Based Foreclosure Mediation Programs and How to Bring Them to Scale,"" the Washington, D.C.-based think tank reveals that the number of jurisdictions with foreclosure mediation programs is double what it was a year ago, rising from only 11 to 21.

The seasonal improvement period for delinquencies and foreclosure inventories has come to a halt, according to an industry report recently released by Lender Processing Services. The total U.S. delinquency rate jumped to 9.2 percent in May, inching up 2.3 percent from April. The foreclosure inventory rate remained stable at 3.18 percent. That means 12.38 percent of the nation's outstanding mortgages are noncurrent.

Offering supplementary insurance for financial risk mitigation, DartAppraisal.com's newly introduced DartAssurance custom appraisal warranty provides mortgage lenders, investors, banks, and credit unions with an extra layer of protection against potential loss from default and foreclosure.

The Department of Veterans Affairs (VA) has joined federal agencies Fannie Mae and Freddie Mac in offering mortgage relief to borrowers who may be impacted by the BP oil spill still ravaging the Gulf Coast. The VA recently issued a notice to servicers of VA-guaranteed home loans instructing them to extend every possible forbearance to veterans experiencing difficulties because of the oil spill crisis.

Home loan delinquency rates remain near historic highs, but new data from Equifax Inc. suggests the upward trend may finally be reversing. The Atlanta-based credit bureau analyzed nearly 200 million credit files of U.S. consumers and found that past due first mortgages declined in May for the fourth consecutive month, while home equity loan delinquencies dropped on both a month-over-month and year-over-year basis.

The words ""real estate auction"" and ""investor"" usually go hand in hand, but Bank of America and the auction company REDC recently announced plans for a foreclosure auction exclusively for owner-occupant homebuyers. The July 24 auction will include more than 100 homes located in the Inland Empire of Ontario, California. These Bank of America-owned homes have been removed from the market and are inspected, repaired, and ready for sale.

The BP oil spill may intensify problems for homeowners in Florida who were already struggling to keep up on their mortgage payments, Fitch Ratings recently reported. According to the ratings agency, these at-risk mortgage borrowers will have limited ability to face any additional economic challenges brought on by the spill. A study completed by Fitch found that half of all securitized non-agency mortgage loans in the Sunshine State are already 60 days or more past due.

RealtyTrac released a new industry report Tuesday, which shows that homes already foreclosed or somewhere in the process accounted for 31 percent of all residential sales in the first quarter of 2010. A total of 232,959 U.S. properties in some stage of foreclosure - default, scheduled for auction, or REO - sold to third parties in Q1. The company also found that the average sales price of properties in foreclosure was nearly 27 percent below the average sales price of non-distressed properties.