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‘Government Intervention’ Drives Down Distressed Sales in California

Distressed property sales have declined drastically in California over the last year, according to a recent report from PropertyRadar. In June, sales for distressed homes and condominiums plunged 46.5 percent year-over-year in June. On the other hand, non-distressed property sales shot up by 31.3 percent during the same time period. Government intervention is the main driving force behind the declines in distressed property sales, according to the report authored by Madeline Schnapp, director of economics research at the firm.

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Report: Credit Quality Improves for Prospective Renters in Q1

The credit quality for potential renters has improved over the last year, according to CoreLogic's Renter Applicant Risk (RAR) index report. In the first quarter of this year, the index increased to 104 compared to 102 a year ago and 99 in 2011. ""It's encouraging to see better qualified applicants who are more likely to meet their lease obligations,"" said Jay Harris, senior director of CoreLogic SafeRent.

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Flipping on the Rise in Most Markets as Profits Skyrocket

Single-family home flipping is on the rise as flippers see growing profits from their endeavors in most markets, according to a report released by RealtyTrac. The volume of house flipping increased 19 percent from the first half of this year to the first half of last year, according to RealtyTrac. At the same time, profits from flipping increased 246 percent. Over the first half of this year, investors earned an average gross profit of $18,391 per home flipped, up from $5,321 in the first half of last year and a vast improvement from the first half of 2011 when flippers lost an average of $13,206 on flips.

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Customers Report Greater Satisfaction with Servicers

According to J.D. Power, overall satisfaction with servicers has increased to 733 (on a 1,000 point scale) from last year's value of 725. The market research firm attributes the increase to the Consumer Financial Protection Bureau's release of origination and servicing guidelines, most of which are scheduled to go into effect January 2014. Under the rules, servicers are required to have systems, policies, and procedures in place to ensure customers receive appropriate information and support.

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Survey: 54% of YouWalkAway Clients Past Due but Not in Foreclosure

YouWalkAWay.com, a national foreclosure agency, recently released a June 2013 survey of its customers and found 54 percent are in pre-foreclosure, meaning they have defaulted on their mortgage but have not received an official foreclosure notice. The share is down from 2012, when 85 percent of YouWalkAWay clients reported they were in pre-foreclosure. The share is down from 2012, when 85 percent of YouWalkAWay clients reported they were in pre-foreclosure.

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First Title Radio Show Nears 10 Episodes After Taking Off in May

The First Title Radio Show debuted on May 31 and has aired seven episodes so far. In that time, host Doug Dennison--a radio, real estate, and government auction expert--has interviewed more than 15 real estate professionals, including representatives from Sperry Van Ness, Florida Keys Real Estate, Rowell Auctions, Inc., and the Five Star Institute.

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Mortgage Rates Ease Following Remarks from Bernanke

According to Freddie Mac's Primary Mortgage Market Survey, the average 30-year fixed rate was 4.37 percent (0.7 point) for the week ending July 18, down from 4.51 percent last week. Last year at this time, the 30-year fixed-rate mortgage (FRM) averaged 3.53 percent. ""Fixed mortgage rates fell as Federal Reserve (Fed) Chairman Bernanke helped ease market concerns about the Fed reducing its bond purchases,"" said Freddie Mac chief economist Frank Nothaft, referencing remarks Bernanke made earlier in the month.

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