REO

RealtyTrac says processing delays have reduced foreclosure activity to its lowest level since the first quarter of 2008. New data released by the tracking firm shows that foreclosure filings were reported on 681,153 U.S. properties during the first three months of this year. That represents a 15 percent decline from the previous quarter and a 27 percent drop from a year ago. Declines were steepest in states where a judicial foreclosure process is used, but looking at the nationwide data for March, RealtyTrac's report indicates that activity is already beginning to pick up some.

REO Allegiance has been selected by 24 Asset Management Corp. as one of its property preservation and field services partners. The company says the decision was made based on the quality of the work provided by REO Allegiance, its reputation in the marketplace, and its status as a certified woman-owned business. According to 24 Asset, less than 5 percent of default-related services are going back to minority- and woman-owned businesses, and both companies agree that with large volumes of these assets concentrated in diverse populations, the involvement of such companies is essential to supporting redevelopment.

Safeguard Properties has partnered with the American Association of Code Enforcement (AACE) to offer a training and certification program free of charge to code enforcement officials. Available nationally, the program is conducted via an online, on-demand Webinar platform, the first offered by a mortgage field services company. It provides an overview of best practices pertaining to property preservation and tools to assist code officials with day-to-day responsibilities of maintaining the integrity of properties in their communities.

The National Association of Mortgage Field Services (NAMFS) and Lender Processing Services (LPS) have teamed up to develop a new online tool that the organizations say will facilitate communication and collaboration between code enforcement officials and national providers of field services to the mortgage servicing industry. The Web-based tool is called ALLIANCE. It will be launched May 1, and is free to both local code enforcement officials and participating national providers.

With foreclosure activity somewhat erratic in recent months along the country's West Coast, time-to-foreclose remains the one true constant in that it continues to increase across the board. ForeclosureRadar has released its monthly report on March foreclosure activity for its coverage area of the five West Coast states. The foreclosure timeline in Nevada extended by more than 16 percent in one month's time to 322 days. In California, the increase was smaller at 4 percent, bumping the state's timeline up to 302 days.

Recent improvements in the job market are translating into falling subprime delinquency rates. At the same time, prices on subprime credit-default swaps (CDS) have risen for five straight months. Multiple reports on the secondary market signal growing investor appetite for subprime mortgage bonds and finance instruments like CDS, which transfer the risk of default from the bond holder to the seller of the swap. According to Fitch, subprime delinquencies are dropping sharply with cured loans up by as much as 50 percent for some vintages.

Fannie Mae announced Monday that borrowers purchasing a Fannie Mae-owned property through HomePath, the GSE's REO disposition operation, will receive up to 3.5 percent in closing cost assistance. The company has implemented this temporary buyer assistance program fairly regularly since the beginning of last year -- a strategy aimed at helping the GSE unload a bloated supply of repossessed homes. Fannie Mae acquired 262,078 single-family REO properties through foreclosure in 2010, compared with 145,617 in 2009.

Utah-based Infinity Valuation Services (IVS), a full-service valuation company for commercial and retail properties and the sister company to REO outsourcer Green River Capital, expanded its broker price opinions (BPOs) and appraisal services to include the valuation of retail or non-distressed properties.

The Oklahoma-based technology developer a la mode has teamed up with Real Property Insight to bring the industry a new valuation service for distressed assets. Real Property Insight is a specialized integrator of information and services focused on distressed asset disposition, and the company has selected a la mode's Mercury Network Vendor Management Platform to manage the valuation portion of its new product, the Real Property Insight (RPI) Report. a la mode estimates this valuation service will save the industry approximately $72 billion.

Analysis of home prices through the end of February by CoreLogic shows a year-over-year decline of 6.7 percent when distressed properties - REO and pre-foreclosure short sales - are included in the numbers. February's drop marked the seventh straight month that CoreLogic has recorded a decline in its national home price index. But take out the distressed factor, and the company says home prices are showing signs of stability, down just 0.1 percent from a year ago.