REO

Freddie Mac says its REO homes sell for an average of 94 percent of market value. According to the GSE, because Freddie Mac-owned homes are well maintained and priced right for the local market, most sell close to full estimated market value. Freddie Mac sold more than 80,000 single-family REO homes in the first nine months of 2011, which the company says is a record. According to the GSE, it is selling more homes than it's taking in through foreclosure.

Estimates of the industry's shadow inventory vary widely, but one thing analysts do agree on is that the overhang is massive and will likely weigh on market dynamics for years to come. Measurements of soon-to-be repossessed and foreclosed homes that have yet to hit the market range from 1.6 million to 8.2 million. Capital Economics' assessment falls in the middle of that range, and the company's analysts say if anything, theirs is probably an underestimate. They put the industry's shadow inventory at 4.3 million homes.

National home prices have been on the decline since June 2006 with a few bursts of increases, which Lender Processing Services (LPS) attributes to seasonal trends. Overall, prices have declined 28.3 percent since their peak in June 2006, according to LPS' new home price index. The company reports home prices fell 0.9 percent across the nation in August, after a smaller 0.4 percent decline the previous month. The largest price declines since the beginning of this year have occurred in Atlanta and Phoenix.

Matt Martin Real Estate Management (MMREM) has named mortgage industry veteran Timothy Walsh to the position of executive vice president. MMREM is a national asset management and disposition firm that deals with multiple federal agencies, mortgage servicers, investors, and insurers. Its affiliate company Sperlonga Data & Analytics provides solutions to facilitate the resolution of homeowners associations' (HOAs) claims for unpaid fees. Walsh was also named as executive vice president of Sperlonga Data & Analytics

Mortgage Contracting Services (MCS), a Florida-based provider of property preservation, inspections, and REO property maintenance services, has introduced its Vendor eLearning Portal. The online platform enables 24/7 access to educational modules and reference documents on preservation guidelines as well as compliance topics. MCS maintains a nationwide network of licensed and insured preservation subcontractors.

Home prices rose 4 percent during the third quarter, according to the latest IAS360 index from Integrated Asset Services. The index also posted a 0.4 percent gain from the beginning of the year and a 0.6 percent gain from the third quarter of last year. ""I did a double-take when I saw the numbers,"" says Paul Sveen, CEO of Integrated Asset Services. He says the market is behaving like it's already hit bottom, but it's likely just the calm before the storm considering the large volume of distressed properties hidden in the shadows.

Foreclosure filings in October rose 7 percent from the previous month, RealtyTrac said Thursday. Including default notices, scheduled auctions, and bank repossessions, filings were reported on 230,678 U.S. properties in October. That's down nearly 31 percent from a year earlier, when servicers began putting the brakes on foreclosure actions due to paperwork issues. But RealtyTrac has documented a rise in filings for three consecutive months now - a sign that servicers are working through the backlog of cases that have been delayed.

RE/MAX has deployed CoreLogic's HomeStandings technology, which is configured with a reporting component that the companies say can help agents quickly identify potentially profitable foreclosed properties that are eligible for resale. The HomeStandings report combines property, neighborhood, and market characteristics to provide a complete local understanding of a home's value, marketability, and rent potential. HomeStandings then generates a grade for each property, enabling RE/MAX agents to assess the overall purchase quality of a home.

In the second quarter of 2011, single-family home prices fell 5.9 percent on an annual basis, according to the latest national Fiserv Case-Shiller home price indexes released Wednesday. This continuation of the double-dip that started in 2010 is not the end, according to Fiserv. In fact, the company predicts prices will continue to fall into the coming year -- dropping another 3.6 percent by the first half of 2012. However, Fiserv does see a light at the end of the tunnel.

The nation's largest mortgage company says it lost $5.1 billion during the third quarter of this year. That combined with a $2.5 billion dividend payment to Treasury for past bailout money left Fannie Mae with a $7.8 billion hole to fill. Upon receipt of those funds, Fannie Mae's total debt obligation to U.S. taxpayers will be $112.6 billion. The GSE held 122,616 single-family REO properties as of the end of September, and completed 87,533 foreclosure prevention actions during the quarter.