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REO

Fitch Gives United States Title Insurance a Negative Outlook for 2011

A report from Fitch Ratings paints a negative picture for the Title Insurance Industry in 2011. According to the report, the title insurance market is severely affected by the current state of the economy, most notably the sharp decline in real estate and mortgage activity. According to the report, the title insurance market is severely affected by the current state of the economy, most notably the sharp decline in real estate and mortgage activity.

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Field Asset Services Releases Industry Predictions for 2011

Field Asset Services (FAS) anticipates the field services industry to focus on advancing the vendor network and creating higher quality field service offerings in 2011. The company says with the decline of the housing market, the use of field services has become a core business practice for banks, servicers, and investors taking on the day-to-day maintenance and preservation of REO properties. With predictions that the REO inventory will grow in 2011, FAS says there will be greater reliance on third-party support to gain control over costs and risks.

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Sales of Existing Homes Gain Ground in November

Existing-home sales got back on an upward path in November, resuming a growth trend since bottoming in July, the National Association of Realtors (NAR) reported Wednesday. Sales of previously owned homes rose 5.6 percent last month. Distressed homes accounted for 33 percent of the month's total sales volume. Housing inventory at the end of November fell 4 percent to 3.71 million existing homes available for sale, which represents a 9.5-month supply at the current sales pace.

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Veteran of CRE Liquidations Launches Florida Asset Management Firm

Peter Monroe was president of the oversight board of the Resolution Trust Corporation (RTC) in the early 1990s. During his tenure there, he lent his expertise to unwinding hundreds of billions of commercial mortgages from insolvent savings and loan (S&L) institutions. With the current real estate downturn, such skills are in demand again, and Monroe has his sights set on the Florida commercial property market.

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Advisory: Freddie Mac to Reduce REO Broker Commissions

The National Association of Realtors (NAR) issued a notice to its members Monday alerting them that Freddie Mac plans to cut back the amount of commission paid for REOs sold in certain states. The GSE said it decided to institute the commission reductions in order to reduce expenses, after considering various data in the affected states. The new payment structures apply to Freddie Mac-owned HomeSteps properties that are listed with a real estate broker on or after January 1, 2011.

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Survey: Rising Rates, First-Time Homebuyers Drive Market in November

Rising mortgage rates pushed first-time homebuyers to buy properties in November, while investors lost their enthusiasm for distressed properties, according to a new report from Campbell Surveys. The research firm found first-time buyers' share of home purchases jumped from 34.4 percent in October to 37.2 percent last month as long-term rates began to climb from record lows set in early November. Meanwhile, investor activity continued a two-month decline.

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California Home Sales Down 12 Percent from Last Year: Report

California continued to feel the housing slump in November with a 12.4 percent decrease in sales from last year, according to statistics from MDA DataQuick. An estimated 31,403 new and resale houses and condos were sold statewide last month -- down 3.9 percent from October. The median price paid for a home in California during the month of November was $255,000. Foreclosure sales made up 37.8 percent of the existing homes sold last month.

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More Increases in CMBS Delinquencies, Particularly Office: Reports

Moody's rating service and Fitch Ratings both reported increases in defaulted commercial mortgage-backed securities (CMBS) last month, of 24 and 18 basis points, respectively. Both companies show the office sector with the greatest increases in delinquencies across the five core property types in November.

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LPS: Number of Loans Delinquent, in Foreclosure Dips Below 7 Million

Lender Processing Services (LPS) offered the media a sneak peek at its upcoming November mortgage market report Thursday. Based on the company's assessment, the number of home loans in the United States 30 or more days delinquent or in foreclosure declined slightly. LPS' study will show that 6,925,000 mortgages were past due or already winding their way through the foreclosure pipeline as of the end of November. The previous month, the company's analysts put the figure at 7,043,000.

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CoreLogic Home Price Index Shows Decline for Third Straight Month

National home prices in October were down 3.93 percent from year-earlier levels, CoreLogic reported Thursday, marking the third month in a row the company's index has recorded an annual drop in residential property values. October's reading follows a 2.43 percent annual decline reported for the month of September and a 1.08 percent drop in August, signaling that the deterioration in home prices is getting progressively steeper with each passing month.

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