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Tag Archives: Auction

West Coast Foreclosures Counterintuitive After Robo-Signing Fixes

Foreclosure activity slowed in April in states along the country's West Coast, but a local firm that tracks every foreclosure action in the area is having trouble making sense of what it says is an unexpected trend. According to ForeclosureRadar, filings last month were down in Arizona, California, Nevada, and Washington. Cancellations were up significantly across the board, leaving fewer properties scheduled for trustee sale. ForeclosureRadar says banks have had time to resolve robo-signing issues, so we should be seeing exactly the opposite results.

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Las Vegas Auction Brings $1 Billion in Distressed CRE to the Market

Auction.com and loan sale advisor Archetype Advisors will auction $1 billion of Nevada commercial REO properties and non-performing notes May 17-19 in Las Vegas. It is the largest commercial real estate (CRE) and note auction of its kind in U.S. history, according to a statement from Auction.com says the unprecedented volume of distressed real estate to be featured represents the bottom of the market for Nevada, and in particular, Las Vegas.

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Bay State Foreclosure Activity Cut by More Than Half From a Year Ago

Foreclosure activity is slowing in Massachusetts, according to the latest report by the Warren Group in Boston. Lenders filed 1,048 petitions to foreclose in the Bay State during March, a 60 percent decrease from March 2010. Foreclosure deeds also dropped, declining 60 percent from a year earlier. Likewise, auction announcements plummeted 62 percent.

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Self-Evident Truth in Market Variables: Longer Foreclosure Timelines

With foreclosure activity somewhat erratic in recent months along the country's West Coast, time-to-foreclose remains the one true constant in that it continues to increase across the board. ForeclosureRadar has released its monthly report on March foreclosure activity for its coverage area of the five West Coast states. The foreclosure timeline in Nevada extended by more than 16 percent in one month's time to 322 days. In California, the increase was smaller at 4 percent, bumping the state's timeline up to 302 days.

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KDX Ventures to Sell $142M Portfolio of HUD Multifamily Loans

KDX Ventures, a partnership between DebtX and KEMA Advisors, will sell $142 million in multifamily loans for HUD, the companies announced Wednesday. The portfolio consists of 18 multifamily loans, ranging in size from $1.7 million to $17.4 million. The collateral is located in 10 states, with a concentration in Texas. Most of the loans are non-performing.

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Rowell Auctions Features Stanley Tate on New National Radio Show

Rowell Auctions, Inc. has launched a new national Internet radio show that will educate listeners about property auctions. The show will feature top real estate and auction leaders from across the country, and will target potential bidders, real estate agents, sellers, and other auction firms. Stanley Tate, CEO of Tate Enterprises in North Miami, Florida and former head of Resolution Trust Corporation (RTC), was the first guest featured on the radio show's inaugural broadcast March 18.

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Hudson & Marshall to Auction Over 150 Phoenix Foreclosures for HUD

With bank-owned inventories expanding rapidly, even government agencies are looking for new ways to quickly get foreclosed properties back into the hands of responsible homeowners. For the first time in recent years, HUD is planning to sell over 150 foreclosed homes through auction. The auction will take place March 26th at the JW Marriott Desert Ridge in Phoenix, and will be conducted by the real estate auction firm Hudson & Marshall.

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Auction.com Sells $113M in Commercial Real Estate Assets and Notes

According to Auction.com, investors and buyers spent $112.9 million on assets at five of its auction events for primarily non-performing commercial real estate and notes last month. The auction offerings included 155 assets within 34 states and drew 990 registered bidders. The company says its February results are a strong indication of investors' appetite for real estate.

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New Vista Acquires REDC’s REO Asset Management Business

New Vista Asset Management announced Tuesday that it has purchased the REO asset management business unit of REDC Default Solutions, LLC. Terms of the transaction were not disclosed. The asset management unit, previously operated within REDC, which is a wholly-owned subsidiary of Irvine, California-based Auction.com, LLC(formerly Real Estate Disposition, LLC), offers outsourced residential asset management services for banks and other financial institutions.

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RealtyTrac: Share of Foreclosure Home Sales Declines, Discounts Deepen

RealtyTrac has released its year-end 2010 foreclosure sales report, which shows that foreclosure homes accounted for nearly 26 percent of all U.S. residential sales last year, down from 29 percent of all sales in 2009 but up from 23 percent in 2008. The report also shows that the average sales price of these foreclosure properties was more than 28 percent below the average sales price of properties not in the foreclosure process - up from a 27 percent average discount in 2009 and 22 percent in 2008.

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