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REO

OfferSubmission.com Streamlines REO Sales Process

REO properties continue to flood the market, but the process to submit an offer on one can be extremely confusing. According to industry statistics, more than half of all offers submitted on REO properties never get a response. And many never even get a glance from a decision maker because the system is so clogged and disorganized. In an effort to resolve all this confusion, Woodward Asset Capital created OfferSubmisssion.com, a new technology system aiming to streamline the REO sales process and make sure every offer is viewed and responded to within one day

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Integrated Asset Services Completes Leadership Transition

Integrated Asset Services, LLC (IAS) announced this week that it has completed a planned transition of the company's day-to-day management. Ryan Tomazin, formerly the company's CFO and COO, has moved into the role of president of IAS. As part of this transition, Dave McCarthy, who founded IAS in 1995, will be stepping down as CEO of the company.

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California’s Foreclosure Activity Drops Across the Board: Report

Foreclosure activity in California is beginning to trend downward. The locally-based tracking firm ForeclosureRadar says its statistics dropped last month for every stage of the foreclosure process, with new defaults down more than 17 percent. It's the second straight month that the company has recorded across-the-board declines. But ForeclosureRadar remains cautious in its analysis, noting that many distressed homeowners have simply vacated the property and thrown in the towel on modifying their loan or completing a short sale.

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Williams Title Garners National Expansion

Williams Title Guaranty and Escrow Agency, Ltd., a Colorado-based firm offering sale and mortgage services for both residential and commercial real estate, recently announced that the company has expanded is geographic reach to include all 50 states in the United States. Prior to June 1, Williams Title offered title and escrow services in Colorado and Florida only.

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HUD Awards 55 Contracts Under M&M Program, Divides Responsibilities

In an effort to improve the system of maintaining and selling its inventory of Federal Housing Administration (FHA) foreclosed homes, HUD has awarded 55 new contracts - 23 to companies who will serve as asset managers and 32 companies who will serve as field service managers - under the third generation of its management and marketing program, known as M&M III. Currently, HUD's foreclosure inventory amounts to approximately 44,000 homes. The agency says the M&M III program is expected to create 1,200 new jobs nationwide.

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Shadow Inventory Variants Could Trigger Regional Price Declines: Report

The volume of troubled residential properties has been growing since 2005, but Standard & Poor's says regional inventory levels and trends will determine the detriment of this shadow supply. In the New York City metro area, for example, the company estimates that it will take 103 months for shadow inventory to clear, assuming current liquidation rates. That's nearly 3.5 times the national average of 34 months. By contrast, the Phoenix area has the lowest level of shadow inventory, at 16 months.

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Loss Severity on Short Sales 13% Lower than REO: Report

Over the past year, the mortgage risk analysis firm Clayton Holdings says it has witnessed an overall increase in short sale activity. Because of the growing emphasis on keeping borrowers out of foreclosure, servicers are becoming more inclined to employ alternative loss mitigation strategies. And Clayton says the added benefit to servicers - the one with dollar signs in front of it - is that loss severities for properties sold through short sale are 13 percent lower than loss severities for REO sales.

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Keystone Asset Management Continues Growth

Keystone Asset Management Inc. has relocated to a new corporate facility and is launching a brand new image campaign as part of its growth and strategic development. As a national provider of REO outsourcing, default management and property valuation services, the company says it is affirming its commitment to the default industry with the purchase of a new office building in Colmar, Pennsylvania, aimed at increasing workplace efficiencies and featuring client-based processing stations.

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Foreclosure Filings Down 3%: RealtyTrac

Foreclosure activity dropped 3 percent from April to May, according to new data from RealtyTrac. It's the second month in a row the company has recorded a decline. In May, a total of 322,920 properties received a foreclosure filing. That figure equates to one in every 400 U.S. housing units. RealtyTrac says the data confirms that foreclosure activity is leveling off, even as lenders work through the big backlog of forestalled foreclosures and delayed repossessions that have built up over the past two years.

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First Preston Wins HUD Field Servicing Contracts

First Preston Management, a national real estate marketing and management firm, has been selected by HUD to provide property management services for HUD's single-family asset portfolio in 11 states, including Arizona, Idaho, Iowa, Minnesota, Montana, Nebraska, Nevada, North Dakota, South Dakota, Wisconsin, and Wyoming.

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