REO

September marked the 20th consecutive month that distressed sales made up more than 20 percent of commercial property sales, according to Moody's/REAL Commercial Property Price Index. The index reported distressed transactions for the month accounted for 25.9 percent of all commercial transactions. While distressed sales were in keeping with recent trends, commercial property prices broke a four-month streak of increases with a 1.4 percent decline in September, according to Moody's.

Continental REO Services (CREO) recently appointed Beth Zink as closing coordinator. Zink joined CREO's closing department in 2009, where she assisted with large accounts including Chase and PHH Mortgage Corporation. Prior to her time with CREO, Zink worked for six years at St. Louis Financial Planners, Inc. as an assistant to the manager.

Sales of previously owned homes got an unexpected boost last month while the number of homes on the market continued to decline, according to data released Monday by the National Association of Realtors. The trade group recorded a 1.4 percent month-over-month increase and a 13.5 percent year-over-year increase for existing-home sales in October. At the same time, housing inventory fell 2.2 percent to 3.33 million existing homes available for sale, which represents an 8.0-month supply. Distressed homes made up 28 percent of October's transactions.

Clayton Holdings announced Friday that it has agreed to buy Green River Capital. The transaction is expected to close within 60 days. No financial details were announced. Green River will become a wholly owned subsidiary of Clayton Holdings. The company will continue to operate as a standalone business, under its current brand, in its current location, and will be led by its current management team.

The Mortgage Bankers Association (MBA) reported Thursday that the national delinquency rate for residential home loans fell to 7.99 percent in the third quarter. That's the lowest reading since the fourth quarter of 2008. The delinquency rate encompasses borrowers who have missed one or more payments but are not yet in foreclosure. While delinquencies fell, the number of borrowers entering the foreclosure process rose for the first time in a year, driven by a handful of servicers and hard-hit states.

Property IQ has rolled out its flagship inventory management software nationwide, and the company says it expects the new technology to ""make an impact in the REO agent world."" The software solution is designed for use by individual agents or full REO sales offices, allowing users to take control of their inventory, whether it's 10 or 300 properties. Agents can sign up for a 30-day free trial test run through the company's website.

The Michigan Supreme Court ruled Wednesday that MERS, as record-holder of the mortgage, does have the right to initiate foreclosures in the state. The decision reverses an April ruling from the Michigan Court of Appeals, which called into question thousands of cases in which MERS was named as the foreclosing party. The appellate court's judgment sent shockwaves through the distressed housing market in Michigan. Now, with the higher court's ruling, sales of homes that had been foreclosed in the name of MERS can proceed.

Hudson & Marshall conducted an REO auction event for HUD in Las Vegas earlier this month targeting owner-occupants. The result? There are now more than 100 new owners of homes throughout both Nevada and Arizona that were previously sitting idle and vacant as part of the government's foreclosed inventory. The Las Vegas event was the culmination of a five-week aggressive marketing campaign, and was conducted in conjunction with BLB Resources.

WFG National Title Insurance Company has named Ravi Bapodra VP and managing director of its TitleNet division. TitleNet provides title, closing, and settlement services for both residential and commercial transactions, as well as loss mitigation, default, and REO transactions. It is comprised of a national network of independent providers using a centralized technology platform.

Freddie Mac has announced the launch of a nationwide winter sales promotion to move its inventory of foreclosed homes and put them back into the hands of responsible homeowners purchasing a primary residence. HomeSteps, the GSE's REO sales division, will pay selling agents a $1,000 bonus for offers received on Freddie Mac-owned homes in select locations. The offer is valid only on homes sold to owner-occupant buyers and runs through March 15, 2012. Freddie Mac held 59,596 single-family REO homes as of the end of September.