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REO

Market for Las Vegas Valley Still Bleak, Says Report

According to recently released reports from the Nevada Title Company, the closing price for homes in Las Vegas Valley was $135,000 in September, down $5,000 from the closing price in August and down $3,000 from September 2009. Last month, 984 REO homes and 734 short sales were closed, making up 40 percent and 31 percent of all closings in the Valley, respectively. The latest figures from Nevada Title suggest that REO inventory, although high, may begin to steady in coming months.

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Old Republic Will No Longer Insure JPMorgan and GMAC REOs

Questions about the legality of foreclosure proceedings have prompted Old Republic National Title Insurance to decide it will no longer insure titles to homes foreclosed by JPMorgan Chase and GMAC Mortgage. Chase and GMAC both halted foreclosure sales in 23 states and are reviewing legal filings that they say may have been signed without a notary's presence or without verifying the supporting documents.

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CMBS Delinquency Rate Jumps Above 9% for First Time: Trepp

There was something for everyone in September when looking at the delinquency rate for loans held in commercial mortgage-backed securities (CMBS), according to the research firm Trepp LLC. For commercial real estate bears, the fact that the rate once again set a record at 9.05 percent is a sign that the real estate crisis is not yet over in the commercial sector. The bulls, however, can point to the fact that the September increase in the delinquency rate is the second smallest for 2010.

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Paperwork Missteps to Prolong Foreclosure Crisis in Certain States

Three major mortgage lenders have halted foreclosures in states where the process is handled through the court system after suspicions surfaced that employees did not follow legal procedures in preparing the required documentation. These paperwork problems are widely expected to draw out the already devastating foreclosure crisis in the affected areas. We've dug a little deeper to provide a list of the states where judicial foreclosures are the standard and that are most likely impacted by the foreclosure suspensions announced.

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TAZA Corp Launches TAZA360 for Distressed Property Evaluations

TAZA Corp has announced the launch of TAZA360, a new platform that provides a virtual portal to manage, market, and track expenses and closing processes of residential and commercial developments. The company says the technology will bring a new level of evaluation management to real estate by providing independent investors, asset management companies, broker-price opinion (BPO) mills, and others in the industry an online platform and network of agents to process evaluations.

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National Creditors Connection Adds National Account Manager

National Creditors Connection, Inc. (NCCI), a provider of field contact, loss mitigation, and onsite inspection services to financial institutions nationwide, recently added Audra Agen to its team as a national account manager to service the Southwest United States. A 15-year mortgage industry veteran, Agen has experience in the lending, servicing, underwriting, and branch and account management sectors.

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OfferSubmission Says It Can Sell REOs Faster for More Money

Woodward Asset Capital recently released a statement detailing the capabilities of OfferSubmission, a hosted application designed to ease confusion and stem losses and discrepancies due to missed offers and poor organization. The company says transactions negotiated through OfferSubmission net 100 percent or more of the list price 50 percent of the time.

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Foreclosures and REOs Were 24% of Q2 Sales: RealtyTrac

New data released by RealtyTrac Thursday shows that foreclosure and REO homes accounted for 24 percent of all residential sales during the second quarter. A total of 248,534 properties in default, scheduled for auction, or repossessed by the bank sold to third parties during the April to June timeframe. RealtyTrac says on average, these homes went for a discount of 26 percent. The second-quarter share of foreclosure sales is up nearly 5 percent from the previous quarter, but still down 20 percent compared to the second quarter of 2009.

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S&P: $460B Shadow Inventory Will Take 41 Months to Clear

It's no secret that the volume of distressed residential properties is weighing heavy on U.S. housing markets and prolonging any meaningful recovery. Of even greater concern is the industry's growing backlog of homes that need to be liquidated and resold but have yet to make their way to the market. Standard & Poor's has just released a new report in which it estimates that the principal balance of this shadow inventory now stands at $460 billion and will take the industry about 41 months to clear.

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