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REO

ClearMarkets, Keller Williams Combine Forces in Online Auction Realm

As part of a new strategic alliance, ClearMarkets, LLC, announced Tuesday that it is partnering with the Keller Williams Global Property Solutions Group. Through this partnership, ClearMarkets will gain access to Keller Williams' network of certified residential and commercial agents and brokers. In return, these agents will be trained by Keller Williams on ClearMarkets' technology and expertise for transparent bid management, asset sales and marketing, as well as reporting.

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Delinquencies Inch Up in May, Foreclosure Inventories Remain Flat: LPS

The seasonal improvement period for delinquencies and foreclosure inventories has come to a halt, according to an industry report recently released by Lender Processing Services. The total U.S. delinquency rate jumped to 9.2 percent in May, inching up 2.3 percent from April. The foreclosure inventory rate remained stable at 3.18 percent. That means 12.38 percent of the nation's outstanding mortgages are noncurrent.

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Talking in Codes

Continuing communication is key to navigating REO code compliance with suppliers, communities, and other related entities.

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REDC to Auction More Than 100 Bank of America-Owned Homes

The words ""real estate auction"" and ""investor"" usually go hand in hand, but Bank of America and the auction company REDC recently announced plans for a foreclosure auction exclusively for owner-occupant homebuyers. The July 24 auction will include more than 100 homes located in the Inland Empire of Ontario, California. These Bank of America-owned homes have been removed from the market and are inspected, repaired, and ready for sale.

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Foreclosures Accounted for 31% of Q1 Home Sales: RealtyTrac

RealtyTrac released a new industry report Tuesday, which shows that homes already foreclosed or somewhere in the process accounted for 31 percent of all residential sales in the first quarter of 2010. A total of 232,959 U.S. properties in some stage of foreclosure - default, scheduled for auction, or REO - sold to third parties in Q1. The company also found that the average sales price of properties in foreclosure was nearly 27 percent below the average sales price of non-distressed properties.

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DST Releases REO Management Platform for Small- and Mid-Size Firms

Default Servicing Technologies, LLC (DST) recently introduced a new Web-based REO workflow platform for residential and small commercial properties. The new system is modeled after the company's flagship asset management software, DispoSolutions, but has been specifically designed to serve small to medium-sized banks, credit unions, outsourcers, and hedge funds.

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Government Agencies Hold 46% of REO Inventory…and More Is Coming

As the GSEs and other federal agencies sell their collective inventory of repossessed homes, they will generate significant pressure on prices, according to Radar Logic. The company's analysis shows that the government's REO inventory now accounts for 46 percent of the nation's total bank-owned supply, which equates to 219,060 foreclosed homes. Add to that its share of non-performing loans heading to foreclosure, and the government's REO holdings could balloon to 3.1 million properties.

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Titleserv National Names Director of REO Sales

Titleserv National has recruited industry veteran John Porath to serve as SVP and director of REO sales for the Woodbury, New York-based firm. Porath will work closely with banks to develop short sale and real estate-owned business for Titleserv, which handles full REO title and closing services in 44 states.

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Willis Launches New Distressed Assets Practice

Willis North America recently announced that it has formed a distressed asset practice in order to advise clients on managing the risks associated with financially distressed, foreclosed, or abandoned commercial properties and to provide a range of insurance solutions. According to the company, this new unit will coordinate specialist capabilities from across Willis' practice areas to structure insurance programs that respond to a range of risk management and insurance issues related to distressed assets.

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Existing-Home Sales Dip in May but Remain at Elevated Levels: NAR

Following two consecutive months of increases, existing-home sales fell slightly from April to May but were significantly higher than year-ago levels, the National Association of Realtors reported Tuesday. According to NAR's study, existing-home sales were at a seasonally adjusted annual rate of 5.66 million units in May, down 2.2 percent from April. However, closings were 19.2 percent above the year-ago level. The national median price for pre-owned homes rose to $179,600, up 2.7 percent from last year.

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