REO

Local media in Las Vegas are reporting that unsuspecting renters are falling victim to an elaborate fraud scheme involving vacant foreclosures. Con artists are combing the Las Vegas Valley for homes that have been sitting empty for an extended period of time - such properties aren't hard to come by in the foreclosure-ridden area. They then advertise the home as ""for rent"" and bilk victims out of thousands of dollars before they realize the fraud has taken place.

Keystone Asset Management Inc., a national provider of REO, default management, and property valuation services, announced last week the retirement of co-founder Nick Salamone. The announcement comes as part of a requested transition for Salamone as he begins to focus on new consulting developments and business ventures. Co-founder Jane Hennessy assumed the role of CEO and president earlier this year so that plans for a smooth transition could be made, the company explained.

RealtyTrac says foreclosure filings were reported on 610,337 properties in the third quarter of this year. That translates to one in every 213 homes with a filing during the three-month period. The third-quarter tally represents an increase of less than 1 percent from the previous quarter, but it breaks a trend of three consecutive quarterly declines that started late last year. RealtyTrac says it looks as though foreclosure activity is about to do an about-face from the falloff that set in after the robo-signing controversy.

Associates Closing & Title has been presented the Award of Excellence from First American Title Insurance Company. The award was given based on exemplary turn-around time, high number of files closed, and handling title curative matters. Associates Closing & Title has been offering its real estate services to the state of Arkansas since 1991, and to the state of Tennessee since 1995.

Continental REO (CREO) recently named Chrystal Streicher to fill its newly-created lead auction specialist position. Streicher has nine years of industry experience, including more than four years with CREO. Streicher began her career at Netco as a title examiner, working her way up to title supervisor in just three years. She then served as a closing assistant for Southern Title Services in Nashville, Tennessee.

New foreclosure actions in states along the country's West Coast returned to levels in line with prior months during September, according to ForeclosureRadar. The leveling off in September follows a surge in foreclosure starts during the month of August in the western states of Arizona, California, Nevada, Oregon, and Washington. ForeclosureRadar continues to see strong investor interest on the courthouse steps, with purchases by third parties at or near peak levels in four of the five states.

With the release Tuesday of the Zillow Real Estate Market Report, which recorded a 0.1 percent increase in home values from July to August, the company's chief economist issued his forecast for home prices heading into next year. Dr. Stan Humphries says prices have yet to find their trough. He doesn't expect a definitive bottom to be reached until 2012 at the earliest. Zillow's report also showed that foreclosure liquidation rates are still lower than they were before the robo-signing controversy - now more than a year since the news broke.

Integrated Mortgage Solutions (IMS) now offers a cost-effective, long-term solution to defective drywall, a problem that has plagued thousands of homes, particularly along the Gulf Coast. The term defective drywall refers to a type of drywall that releases sulfur compounds, especially in warm, moist climates. Salvaging a home with defective drywall required major reconstruction to replace all the drywall in the structure, but IMS now offers an on-location solution that requires about one-third of the time and about one-half of the cost of traditional methods.

Pro Teck Valuation Services and Collateral Analytics have teamed up to launch Home Value Forecast (HVF). The inaugural edition of the monthly HVF was released Monday. The two partnering companies describe it as bringing ""a unique perspective on the U.S. housing market."" The goal of the new forecasting solution is to highlight the fact that all real estate is local. HVF employs a unique ranking system for the largest metros to highlight the best and worst markets with regard to a number of real estate indicators.

Mortgage Contracting Services LLC (MCS), a nationwide provider of property preservation, inspections, and REO property maintenance, announced Monday that Marc Hinkle has joined the company as SVP of strategic initiatives. In this position, he will focus on enhancing the client experience and integrating new technologies. Hinkle joins MCS after more than 17 years at PHH Mortgage, most recently as VP and servicing manager.