Home / News / REO (page 70)

REO

Home Prices Buck Typical Seasonal Slowdown in September: Report

Home prices in September were up 5 percent year-over-year while home sales posted a 4 percent annual increase, even as housing metrics began their typical seasonal declines, according to Redfin's analysis of activity across 19 major U.S. markets. Between August and September, these 19 markets saw prices decline just 0.8 percent, which Redfin says is a smaller decline than is customary at this time of year. At the same time, the number of homes for sale in the target markets was down 29.3 percent from September 2011.

Read More »

West Coast Foreclosure Starts Plunge in September: ForeclosureRadar

Foreclosure starts fell dramatically in all five West Coast states tracked by Foreclosure Radar, further confirming suspicions that a foreclosure wave may not arrive. ""The continued decline in Foreclosure Starts clearly shows that even though servicers are now apparently in compliance and clear to move forward with foreclosures, they are still in no rush to foreclose on the majority of delinquent borrowers,"" said Sean O'Toole, CEO of ForeclosureRadar.

Read More »

Foreclosure Activity Falls to Five-Year Low: RealtyTrac

Foreclosure filings were reported on 180,427 U.S. properties in September, according to RealtyTrac. The total number of filings last month was down 7 percent from August, down 16 percent from September 2011, and was the lowest monthly total recorded by RealtyTrac since July 2007. The foreclosure tracking company says the national decrease in September was driven primarily by sizable declines in non-judicial foreclosure states such as California, Georgia, Texas, Arizona, and Michigan.

Read More »

Distressed Sales Interfere with Accurate Appraisals: NAR

Inflated appraisals were identified as one of the causes of the housing bubble, and now undervalued appraisals are viewed as a reason for a stalled recovery. In a National Association of Realtors survey related to home appraisals over the past three months, 11 percent of Realtors said a contract was cancelled because a home was appraised at a value below the negotiated price. One reason for the low values, according to the NAR, is because some appraisers are not taking into account the difference between distressed and non-distressed homes when making comparisons.

Read More »

Is the Industry Seeing Sunlight Break Through the Shadows?

The shadow inventory that previously darkened industry outlook is beginning to fade. In fact, we may soon begin to see the sunlight on the horizon. In July shadow inventory - unlisted homes that are seriously delinquent, in foreclosure, or held as REOs - declined 10.2 percent year-over-year, falling to 2.3 million homes, according to CoreLogic's Shadow Inventory Report released Tuesday. Seriously delinquent homes – those 90 or more days delinquent – are the most common type of home in today's shadow inventory, making up 1 million of the 2.3 million-home total.

Read More »

Cityside Director Touts Rental Strategy for Alleviating Foreclosure Effects

Hard-hit markets are aching for stabilization that only occupancy can remedy, Marlene Minemier, director of national portfolio management for Cityside Management Corporation, told colleagues at a recent industry conference. ""It is my belief that the emerging REO rental model is a viable, real-world solution allowing tenancy to be an attractive preservation technique,"" Minemier said as she presented her position during a panel discussion on rentals vs. traditional sales.

Read More »

Subprime Servicers Improve Cash Flow in Q2: Report

Overall, major subprime servicers improved their ability to limit losses on delinquent loans in the second quarter, according to the Servicer Dashboard report from Moody's Investors Service. Moody's uses a cash flow efficiency metric to measure how much cash a servicer collects relative to losses. The report revealed that the cash flow efficiency metric increased for subprime servicers, rising from 0.27 in Q1 to 0.29 in Q2, the highest level obtained over the past five quarters.

Read More »

Vericrest Relocates Corporate and Operational Center to Irving, Texas

Residential mortgage servicer Vericrest Financial, Inc., announced Thursday that it has relocated its Texas Center of Excellence from Dallas to Irving, Texas. Vericrest's Texas center houses the company's corporate functions, as well as asset management, business development, technology, and servicing operations. The company says its plans for future expansion could create potentially hundreds of new jobs.

Read More »

Recovery Finds ‘Footing’ as Foreclosures Fall: CoreLogic

Completed foreclosures continued their progressive decline, and foreclosure inventory fell to its lowest level since April 2010, CoreLogic reported Thursday. In August 2012, 57,000 homes were lost to foreclosure, down from 58,000 in July and 75,000 a year ago. The yearly decrease represents a 24 percent decline. While the national numbers are down, certain states are still seeing a high number of foreclosures, with five states accounting for 48.1 percent of all completed foreclosures.

Read More »