REO

In an effort to revolutionize the way investors buy REO property, Austin, Texas-based Econohomes, a nationwide direct seller of residential REO properties, has launched a new Web site. Built on a robust technology platform, Econohomes' Web site combines superior information on its extensive nationwide real estate inventory with the ability for investors to bundle and purchase groups of REO properties at significant discounts.

The relentless wave of foreclosures that has swelled and battered the housing industry for a good three years seems to have retreated in January, but it's not enough to mean the storm has passed. New data released by RealtyTrac Thursday shows that foreclosure filings were reported on 315,716 U.S. properties during the month, a decrease of nearly 10 percent from December. It's a pattern we've already seen this time last year, and RealtyTrac says if history repeats itself, there will be another flood over the next few months.

Atlanta-based Chrisley Asset Managent, a full-service REO management company, announced Wednesday the integration of short sales and loan modification services to its clients, streamlining the process for lenders and borrowers while increasing overall efficiency with a low-cost and reliable solution.

Despite what seemed to be a flattening - and in some cases even a reversal - of home price declines last year, there are signs that the dreaded ""double dip"" is developing in as many as one in five markets, Zillow says. While residential values in some markets appear to have found their bottom, the company has observed prices in such large metros as Boston, Atlanta, and San Diego to have leveled or begun to decrease again after consecutive monthly increases - early signs of what could become a second period of prolonged declines.

Lowers & Associates (L&A), an independent provider of risk management and loss prevention services to the financial services sector, recently announced its new commercial mortgage asset management (CMAM), workout, and loan restructuring services.

With foreclosures still rising and potential homebuyers still reluctant to get into the market, homeownership in the United States has hit a 10-year low. According to the Census Bureau, the homeownership rate fell to 67.2 percent at the end of last year. Homeownership has been on a steady downward slope since 2006, when housing woes began to eat away at the government's long-time push to make the American Dream a reality for anyone that wanted it.

In an effort to help the industry cope with the aftermath of the Protecting Tenants at Foreclosure Act (PTAFA), Austin, Texas-based TenantAccess offers a comprehensive, end-to-end solution called the Tenant Protection Response Program (TPRP) and is now providing tier 1 banks, servicers, and asset managers relief from the property and tenant management responsibilities they have acquired as a result of this legislature.

According to a recent company announcement, Matt Vernon has been named short sale and real estate owned (REO) executive for Bank of America Homes Loans. In his new position, Vernon will develop and implement initiatives to manage and streamline the bank's efforts to use short sales and other property liquidation tools to prevent foreclosures. In addition, Vernon will oversee the management and marketing of properties in the bank's REO portfolio.

Lenders Asset Management Corporation (LAMCO), a nationwide REO management company, said Thursday that it has enhanced its disaster recovery plan, which details LAMCO's procedures for responding to emergency situations, such as natural disasters or accidents, that could potentially threaten service level agreements.

The four week streak of falling mortgage rates ended this week, according to surveys released Thursday by Freddie Mac and Bankrate. However, despite this slight increase, mortgage rates remain relatively stable and are notably lower than rates this time last year.