REO

Equator, a Los Angeles-based provider of ecommerce, data, and professional services to the default servicing industry, is releasing a new product designed exclusively for real estate agents. ""This is the first time there's an enterprise-level solution for agents,"" Chris Saitta, CEO of Equator told DSNews.com. Currently, most agents rely on a variety of software, but REvolution will them to manage all their daily tasks through one program.

Commercial real estate prices have increased for three consecutive months, according to Moody's/REAL Commercial Property Price Indices. Prices are now similar to levels recorded two years ago. In July, the national index posted a 5 percent increase. It's now 12.6 percent above its post-peak low, however, it is 42.5 percent below its peak. Moody's sees the latest gain more as a continuation of the bottoming process than as a harbinger of recovery. Sales of distressed assets made up 28 percent of the market in July.

Brandy Sams has joined WFG National Title Insurance Company as the director of its default services division. Sams' career in the mortgage and real estate industries spans a period of more than 15 years. She worked most recently in the secondary market with Fannie Mae. She also held the position of title and escrow specialist for a national servicer and title and escrow manager with a California-based title company.

Keystone Asset Management Inc. is a national provider of REO, default management, and property valuation services headquartered in Colmar, Pennsylvania. The company announced this week that it has successfully completed its SSAE #16 Type II Audit. This is a widely recognized audit that assures the company’s information system reporting controls, processes and procedures adhere to industry best practices.

Last month's 18.6 percent surge in existing-home sales from a year earlier had some market observers doing a double-take, but Galen Ward, who runs a real estate brokerage web site, says it wasn't unexpected. Michael Simonsen of Altos Research says anything is going to look good coming off the market's tax-credit hangover this time last year. But the fact that the median home price was down more than 5 percent from August 2010 at the same time sales jumped so sharply is one of the most telling stats for Clear Capital's Alex Villacorta.

The state of California is cashing in on the last days of the traditional homebuying season, with sales soaring in August and the median home price touching on its highest reading of the year. The California Association of Realtors puts last month's median price point at a level not seen since last December, and home sales up more than 10 percent from last year. At the same time, unsold housing inventory statewide has declined to five-months' supply.

At a Senate hearing titled, ""New Ideas to Address the Glut of Foreclosed Properties,"" industry experts shared varying opinions on the concept of Fannie Mae and Freddie Mac conducting bulk sales of REOs to investors, but most agreed that long-term investors from the private sector should be part of the solution. One analyst with Amherst Securities says investors are the only potential buyers for many distressed homes likely to hit the market over the next five to six years.

Banks held about 476,000 homes that they repossessed from delinquent mortgage borrowers as of the end of July, according to Barclays Capital. That tally represents a 17 percent contraction from 574,000 REOs on the books just 10 months earlier, in September of 2010, just as the robo-signing scandal began grabbing headlines. According to Barclays' analysis, the average number of months a loan has spent in foreclosure has climbed from around 10 months just before October of last year to more than 12 months today.

Gerner & Kearns, Co., L.P.A. (G&K) recently announced that it has been designated by the FDIC as outside counsel in the states of Indiana, Kentucky, Ohio, and Michigan. The firm's practice areas include foreclosure, bankruptcy, evictions, origination and REO closings, loss mitigation, and commercial litigation with respect to the industry's residential and commercial portfolios.

Matt Martin Real Estate Management (MMREM) has named lending industry veteran Ivan Choi to the newly-created position of senior vice president. In his new role, Choi will be a key member of MMREM's executive and planning team, working directly with CEO and founder Matt Martin, as well as the management team of Sperlonga Data & Analytics, MMREM's affiliate company.