REO

Abandoned and foreclosed homes can quickly become hotbeds for criminal activity. Empty houses are looted for copper and appliances, illegally inhabited by squatters, or commandeered for drug trafficking and prostitution. According to Realis Real Estate Software, such activity not only negatively impacts the neighborhood in which it occurs, but it prolongs the time it takes to sell the property. Lauren Roberts, founder of Realis and 25-year REO veteran, says one way to protect foreclosed homes from criminal infiltration is to put them into the hands of new buyers.

Zillow, Inc. has announced its acquisition of Diverse Solutions for $7.8 million in cash and stock. Diverse Solutions, headquartered in Irvine, California, helps real estate agents market their businesses and improve their personal websites. The company's software services include providing listings content and property search functionality for the Web and mobile platforms.

Financial Asset Services recently announced that the company has received its Woman Business Enterprise Certification (WBE) from the Woman's Business Enterprise National Counsel (WBENC). Financial Asset Services, based in Irvine, California, has been serving customers in the asset management, property disposition, and valuation services fields for 30 years. The company serves banks, mortgage companies, financial institutions, and servicers nationwide.

CoreLogic released its latest market analysis of residential property values Monday. The company's index shows U.S. home prices fell another 1.1 percent between August and September. It marks the second consecutive monthly decline recorded by CoreLogic and signals price depreciation is deepening. The company's previous report documented a 0.4 percent drop between July and August. CoreLogic says home prices are adjusting to correct the supply-demand imbalance, and as a result, declines will continue through the winter.

Econohomes has launched a new website aimed at redefining the online experience for real estate investors and homebuyers as they shop for foreclosed REO homes. The company buys residential properties in volume at discounted prices from mortgage lenders and servicers. Its online inventory comprises REO homes in more than 40 states, including properties that have been renovated.

Temperatures are falling, and so are home prices in most local markets. Clear Capital says it's expecting another long winter as the housing industry tries to cope with the downward forces of weak demand, record-low consumer confidence, and distressed inventory. The company says the seasonal gains seen during the stronger spring and summer months have not been enough to push year-over-year home prices into the black. Clear Capital's October index puts national home prices 2.8 percent below a year ago.

The Occupy Oakland group is starting a new wave of occupations. They intend to occupy vacant properties. Occupy Oakland announced on Twitter that its general assembly has passed a proposal to encourage the occupation of bank-owned foreclosed and abandoned properties across the city. Members took a first step in this direction by entering a vacant building formerly used by the Traveler's Aid Society. It ended in violence as protestors broke windows and set fires, and resulted in about 100 arrests.

Hudson & Marshall has once again been selected to partner with HUD to auction over 100 foreclosed homes located in Nevada and Arizona. The auction will take place this Saturday, November 5th at the JW Marriott in Las Vegas. There will be two separate auction events on that day - one strictly for owner occupants and the second open to all bidders, including investors. HUD will pay a 3 percent selling agent commission to qualified brokers who are registered with HUD.

The board of directors of Stewart Information Services Corp. announced this week that Matt Morris has been elected CEO of the company with responsibility for all operations. Matt Morris succeeds Malcolm Morris and Stewart Morris, Jr., who had served as co-CEOs, and who will assume positions as vice chairmen of the board. The company also announced that its lead director, Dr. Edward Douglas Hodo, has been elected chairman of the board.

The nation's second largest mortgage company is asking the U.S. Treasury for another $6 billion in capital support after posting its largest quarterly loss in over a year. Freddie Mac says it recorded a net loss of $4.4 billion for the quarter ended September 30, 2011, after shouldering a $4.8 billion loss on derivatives and a $3.6 billion provision for credit losses related to high levels of mortgage refinancing and lower mortgage insurance recoveries. The GSE's REO operations expense skyrocketed to $221 million in the third quarter, compared to $27 million for the second quarter.