Industry leaders gathered in Las Colinas, Texas, Thursday for the ""Five Star Institute's"":http://www.thefivestar.com 2013 REO and Short Sale Executive Summit to discuss issues and market conditions impacting the distressed asset space.[IMAGE]
A number of the nation's leading financial institutions and government agencies were represented at the exclusive event designed to facilitate open dialogue and collaboration for developing solutions to today's most pressing REO and short sale challenges.
""Five Star is honored to lead such a powerful and meaningful dialogue on behalf of the REO and short sale community of executives. Today's discussion will foster tomorrow's solutions,"" Chris McCormick, the Five Star Institute's EVP of client relations and strategy, said in opening remarks at the event.[COLUMN_BREAK]
""Lender Processing Services"":http://dsnews.comarticles/delinquency-rate-slips-below-7-in-february-lps-2013-03-26 reported earlier this week that 5.1 million mortgages are currently past due or in foreclosure. ""CoreLogic"":http://dsnews.comarticles/foreclosure-inventory-down-nearly-20-from-year-ago-2013-02-01 reports 767,000 foreclosures were completed in 2012.
""RealtyTrac"":http://dsnews.comarticles/delinquent-loans-rolling-into-foreclosure-inventory-after-settlement-2013-03-28 says foreclosure inventoryÃ¢â‚¬"including properties in foreclosure and bank-ownedÃ¢â‚¬"totaled 1.5 million in the first quarter of this year. The company found that 35 percent of properties in foreclosure were vacant or abandoned by the homeowner but still caught in the procedural pipeline, with the percentage of owner-vacated foreclosure inventory as high as 50 percent in states like Indiana, Oregon, Washington, and Nevada.
Jane Hennessy, president and CEO of ""Keystone Asset Management"":http://www.keystonebest.com, described the Summit as ""exactly the kind of collaboration the industry needs to overcome the obstacles we all face in this business.""
Keystone was the Executive Summit's hosting sponsor. ""As a leader in default servicing, we are pleased to work with the Five Star Institute and be part of this groundbreaking initiative to develop actionable solutions and promote real progress within the mortgage and real estate industries,"" Hennessy said.
""Field Asset Services"":http://www.fieldassets.com, ""Pro Teck Valuation Services"":http://www.proteckservices.com, ""Stewart Lender Services"":http://www.stewart.com/lender-services, and ""Williams & Williams"":http://www.williamsauction.com/ also sponsored the event.
_Editor's Note: The Five Star Institute is the parent company of_ DS News _and DSNews.com_.