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REO

Distressed Homes 25% of Third-Quarter Sales: RealtyTrac

New data released by RealtyTrac Thursday shows that distressed homes - including those in default, scheduled for foreclosure auction, and REO - accounted for 25 percent of all U.S. residential sales during the third quarter. These properties sold at an average of 32 percent below the price of their non-distressed counterparts. The company tracked 113,933 REO sales during the July to September period and 74,815 pre-foreclosure, typically short sale, transactions.

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Las Vegas Home Sales Drop Nearly 22% from Year-Ago Levels

The Las Vegas region experienced a dip in home sales and median sale price in October, according to new figures from MDA DataQuick. A total of 3,961 new and resale houses and condos sold in the Las Vegas-Paradise metro area in October, down 7.4 percent from September and down 21.8 percent from a year earlier. The overall median sale price for all new and resale houses and condos sold in the region dropped nearly 4 percent from a year ago to its lowest level in more than a decade.

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S&P Case-Shiller Index Records Broad-Based Declines in Home Prices

Home prices in the United States fell 2.0 percent in the third quarter of 2010, breaking what had been a trend of fairly steady gains since early last year, Standard & Poor's reported Tuesday. The company's closely watched national index had recorded quarter-over-quarter increases in four of the last five three-month periods, including a 4.7 percent rise in the second quarter of this year. Many analysts are expecting that dreaded double dip to set in before next spring.

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Valuation Provider Adds Home Price Trends to BPOs

The Texas-based valuation firm eMortgage Logic (EML) said Tuesday that the company has aligned itself with what EML describes as a ""leading real estate analytics innovator"" to provide clients with a complimentary home price trends chart. This visual aid will now appear on all broker price opinions (BPOs) to illustrate the dynamics of the subject market's volatility.

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Fannie and Freddie Restart Frozen REO Sales

Fannie Mae and Freddie Mac have instructed their selling agents to move forward with transactions involving foreclosed properties in cases where sales were suspended due to potential problems with the legal paperwork. The GSEs were forced to temporarily halt the sale of certain properties when news surfaced that some of the nation's largest servicers had been employing so-called robo-signers. Now that case reviews have uncovered no evidence of improper foreclosures, Fannie and Freddie are moving to proceed with REO sales.

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Phoenix Metro Area Home Sales Stagger in October

According to MDA DataQuick, which tracks real estate trends nationally via public property records, Phoenix-area home sales dropped to their lowest level for an October in 15 years. The decline is attributed to low new-home transactions, the slow economic recovery, and the market lull created by the homebuyer tax credits. A total of 6,903 new and resale houses and condos sold during October in the combined Maricopa-Pinal counties metropolitan area, down 6.2 percent from the month before and down 24.6 percent from a year earlier.

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Massachusetts Foreclosures Decline, Home Sales Drop

The Warren Group reports that year-over-year foreclosure petitions and deeds decreased in the Bay State during October. It was the first time this year that both petitions and deeds fell in Massachusetts. Foreclosure petitions plunged nearly 51 percent from October 2009 to 1,127 last month, the first month since January they have dropped below 2,000. Home sales also fell in October, down more than 28 percent. It's the fourth straight month of year-over-year sales declines.

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John Burns Crafts Proposal for REO Rental Solution

Since the homebuyer tax credit expired in the spring, homebuying activity has slowed by more than 30 percent, and analysts aren't expecting much of a rebound any time soon. At the same time, the number of homes for sale has risen and with foreclosures still escalating, REO inventories are only going to grow. To boost housing demand and limit supply, John Burns Real Estate Consulting has developed an REO rental housing proposal, with three key points, which includes establishing an REIT for bank-owned properties held by government agencies.

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Accelerated Foreclosure Activity Keeps Delinquency Growth in Check

Servicers have picked up the pace as they work through a backlog of loans that have languished in late-stage delinquency status for months, and in some cases well over a year. As a result, Lender Processing Services says lenders' foreclosure inventories have risen dramatically and are about 7.4 times above the historical average. Increases in delinquency numbers have remained subdued, however, as loans are pushed out the end of the pipeline faster than new delinquencies enter.

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Paperwork Problems Steer Buyers from Distressed Properties: Report

The ongoing controversy surrounding deficiencies in foreclosure documentation is taking its toll on the housing market as a significant share of home shoppers refused to even look at distressed properties in October, according to a study conducted by Campbell Surveys. Not only did reports of major servicers pulling REO properties off the market spook would-be homebuyers, but servicing problems resulted in 12 percent of scheduled closings being delayed or canceled due to REO title issues, the company found.

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