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REO

Green River Launches New Valuation Company for Distressed Properties

Green River Capital (GRC), an REO asset management and loss mitigation provider headquartered in West Valley, Utah, has launched a new full-service valuation company, Infinity Valuation Services (IVS), which will focus exclusively on distressed properties. IVS provides appraisals and property inspections, as well as broker-price opinions (BPOs) by leveraging Green River's established, nationwide network of 8,000 REO brokers who are well-versed in the distinct parameters that come with valuing foreclosures, short sale properties, REOs, and other non-performing assets.

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Equator Sees Pickup in Short Sales, with 215,000 Initiated on Platform

Equator has initiated 200,000 short sale transactions through its technology platform since the system was first launched just seven months ago. Another 15,000 short sales have been initiated on the Equator platform that conform to the guidelines of the federal government's Home Affordable Foreclosure Alternatives (HAFA) program.

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Aon Launches New Program to Help Lenders Maximize Value of REOs

As foreclosures continue to flood the market, lenders are becoming overwhelmed with repossessed properties that may stay vacant or unfinished for months or years, making them susceptible to various types of damage. To avoid this risk, some lenders are seeking to maximize the value of their REO assets. In an effort to help lenders with this process, Aon Risk Services, the risk management and insurance brokerage business of Chicago-based Aon Corporation, has launched the Comprehensive Asset Maximization program.

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Home Prices Gain 0.9% in April as Tax Credit Winds Down: IAS

Home prices nationally bumped up 0.9 percent in April, according to new data from Integrated Asset Services (IAS). That follows a 1.1 percent monthly gain in March -- the first time in eight months that IAS' home price benchmark inched into positive territory. But even with April's increase, IAS says home prices nationally are 23.9 percent below the peak hit in July of 2007, and with market pressure coming from the expiration of the tax credit and the industry's shadow inventory, IAS says even the recent improvements may be fleeting.

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Pruvan Launches Photo Management Solution for Field Services Industry

Technology provider Pruvan unveiled a new photo management solution Monday that the company says will revolutionize the field services industry. The technology is designed to make the work order management process faster and more seamless for property preservation specialists and asset managers by allowing field crews to upload photos from the job site and document the work they've done, virtually in real time. Field Asset Services is the first user of the technology and the company says the results have proven to be a ""game-changer.""

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San Diego Firm Says Market Is Ripe for Short Sales and REO Disposition

According to QualityFirst Real Estate, a San Diego-based firm that specializes in REO, local market conditions are primed for a buying spree of bank owned and short sale properties. QualityFirst says property values there are headed back up and foreclosure numbers are dropping, with many real estate professionals now operating under the premise that the economy is finally beginning to turn around - the firm says all this makes now the time for homebuyers to pursue short sale and REO deals.

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REDC to Auction More Than 370 Northern and Southern California REOs

Real Estate Disposition, LLC (REDC) announced Thursday that it will auction more than 370 Northern and Southern California bank-owned foreclosures, including 76 occupied properties, over the next two weeks. The Northern California homes will be auctioned online from June 8 through June 12, and the Southern California homes will be auctioned both live and online on June 19 and June 20.

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Real Estate Veteran Named President of Employee Transfer Corporation

Frances Martinez Myers, a real estate and relocation industry veteran, was recently appointed as president of Employee Transfer Corporation, a Philadelphia-based company that facilitates the moves of corporate employees throughout the world and provides foreclosure asset management services, doing business as (dba) ETCREO.

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U.S. Banks’ Foreclosure Holdings Increased 12.5% in Q1: Report

Foreclosed property held by U.S. banks increased 12.5 percent to $41.5 billion during the first quarter of this year, according to a recent analysis by SNL Financial, a financial market research firm out of Charlottesville, Virginia. The company says banks' aggregate foreclosed inventory is up from $36.9 billion at year-end 2009, and $11.7 billion in the first quarter of 2008. While still elevated, single-family homes as a percentage of total real estate being repossessed by lenders has dropped significantly over the last few months.

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Clear Capital Posts Largest Home Price Increase in Nearly Four Years

National home prices in May came in 6.8 percent higher than a year earlier, according to a Clear Capital study released Thursday. It's the largest annual increase recorded by the real estate valuation firm since July 2006. May's gains followed the back-to-back 5.1 percent yearly gains achieved in March and April, and demonstrate a sustained housing recovery off of last year's lows, Clear Capital says. In addition, REO supplies have declined significantly. The present REO saturation rate of 27.8 percent compares to last year's 41.7 percent.

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