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REO

Report: More Bay State Residents Lost Homes to Foreclosure in 2010

According to the Warren Group, a Boston-based provider of real estate data, the number of completed foreclosures in Massachusetts jumped almost 32 percent in 2010 to 12,233, up from 9,269 in 2009. However, it did not surpass the record 12,430 foreclosures in 2008. The company says the one bright spot in the state's annual data is that fewer people entered the foreclosure process compared to a year earlier, despite a slumping economy and high unemployment.

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Existing-Home Sales Soar to Seven-Month High

Sales of previously owned homes surged 12.3 percent in December, according to the National Association of Realtors. Existing-home sales have increased five of the last six months and have now hit a seven-month high, at a seasonally adjusted annual rate of 5.28 million units. That's up from a rate of 4.70 million in November, but remains 2.9 percent below the 5.44 million pace in December 2009. Distressed homes accounted for 36 percent of December's sales.

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Bank Foreclosures in Miami-Dade County Priced 47% Below Market

According to RealtyStore, a provider of local foreclosure listings, the median price of bank foreclosures in Miami-Dade County, Florida, are nearly half that of the current market rate. The firm's analysis showed 64 percent of all foreclosures for sale in the county are marketed by banks. The other foreclosures are listed for sale by government entities, including HUD and the GSEs. Bank-owned foreclosures are priced 47 percent less than the median market price. When it comes to government foreclosure pricing, the discounts are even deeper.

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Sellers Drop Asking Prices on Fewer Homes in December: Report

The number of price-reduced homes on the market in December 2010 fell by 7.7 percent from the previous month, according to a report surveying 26 major U.S. markets issued by ZipRealty. Despite the month-to-month decline, the company says the number of homes with a reduced asking price remained high compared to a year earlier, rising 23.4 percent from December 2009. The report also found that in the markets surveyed, the median list price in December was down 3.9 percent from November.

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Foreclosure-to-REO Roll Rates Fall Dramatically on Robo-Signing Delays

Recent data from Barclays Capital examines the ramifications of the fourth quarter foreclosure debacles on REO roll rates. Data released Friday shows the foreclosure-to-REO rate dropped 57 percent in judicial states the last few months of 2010, and dropped 42 percent in the non-judicial states. In New York, the roll rate ground to a near stop, dropping a whopping 91 percent in December when compared to the rate from January to October 2010.

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Summit Valuations Offers Market Intelligence Tool to BPO Clients

Summit Valuations, LLC recently announced that the company's Market Intelligence Tool, a critical component to its quality control process, now accompanies each broker price opinion (BPO) provided to Summit clients. The Market Intelligence Tool taps into the unified data warehouse to query similar listings and sales transactions surrounding each subject property. It also integrates with Google maps to provide interactive insight into the subject property and its immediate neighborhood market conditions.

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Rehabilitation Cuts REO Sales Cycle by More Than Two-Thirds: Study

The market's been flooded with REOs, and banks are struggling to get these properties off their books and back into the hands of responsible homeowners. According to Field Asset Services, the answer to moving these properties faster is simple - with some pretty standard repairs, such as fresh paint and updated appliances, the company's independent market study found that lenders can cut more than two-thirds off the length of the sales cycle.

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FEI Acquires Posting, Publication, and Auction Management Firm RSVP

FEI, a national provider of posting, publication, auction management, property preservation, and asset management services based in Washington, recently acquired RSVP, a national provider of similar services headquartered in California. Together, FEI and RSVP will offer foreclosure services including posting, service of process, and publication management that controls the production and placement of legal notices in 2,300 publications from coast to coast.

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Cyprexx Announces Launch of Redesigned Site and Web Portal

Cyprexx Services LLC has a new online look. The Florida-based default and REO field services firm has just launched a completely redesigned Web site and Web portal. The new layout offers improved navigation features and provides both clients and vendors an easier-to-read site. In addition to offering more information about new releases and updates to the company's technology platform, the new login panel provides users with special enhancements that include an improved property search page to return results faster.

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RealtyTrac: More Than One Million Homes Seized by Lenders in 2010

Lenders repossessed 1,050,500 homes last year, according to the 2010 end-of-year foreclosure report from RealtyTrac. The annual figure marks a record-high number of new bank-owned properties tracked by the company. The 2010 tally is up 14 percent from the previous year, when banks seized 918,376 homes. While the number of homes taken back by lenders jumped by more than 130,000 from 2009 to 2010, RealtyTrac's data show the number of default filings declined by 20 percent over the same period.

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