Tag Archives: Home Sales

Stewart Lender Services has developed a boutique REO asset management and disposition solution for community banks. The company says its approach can be sized for each individual lender and is designed to maximize the value of the bank's assets in the shortest amount of time. One key to achieving those results, Stewart says, is starting as early in the process as possible, in the pre-foreclosure stage. That combined with accurately valuing the asset and securing the title from the onset can shave weeks off the disposition cycle.

Despite a declining share of REO and short sales, and a seasonal increase in non-distressed sales, CoreLogic says home prices in June came in 6.8 percent below June 2010. Even with fewer distressed properties changing hands, short sale and REO transactions are weighing heavy on the overall market numbers. CoreLogic's data show that when distressed sales are excluded from the equation, the year-over-year price decline narrows to 1.1 percent. On a monthly basis, CoreLogic reports that home prices edged up 0.7 percent from May to June.

Econohomes, an online source for wholesale investment properties based out of Austin, Texas, is now offering fully renovated residential properties to its REO inventory. Econohomes says its renovated offerings fit the bill for owner-occupiers who don't want to have to deal with repairs and for investors looking for a home they can quickly rent out to generate positive cash flow. The company is actively exploring ways to expand its supply of renovated homes.

What many consider to be a staple of American homeownership is expected to be on the chopping block as lawmakers look to trim the nation's deficit. The prized mortgage interest tax deduction has been part of the federal tax code since 1913. Currently, it costs the U.S. Treasury an estimated $94 billion a year. Congress has tossed around several proposals for amending this part of the federal tax code, including lowering the debt limit to $500,000 on first mortgages. Such a move is estimated to return between $5 billion and $15 billion.

Economic activity continues to grow but the pace has moderated in many parts of the country, weighed down by a persistent weakness in the residential real estate sector, according to the latest market-gauging Beige Book from the Federal Reserve. Contacts in the Boston district said housing markets ""remain in the doldrums."" A pickup in sales of higher-priced homes was evident in the D.C. area. In the Kansas City region, they're seeing an increase in all-cash purchases of existing homes, while demand in the Dallas district was described as ""choppy.""

The National Association of Realtors said Thursday that pending home sales rose for the month of June, marking the third of the last four months its index has increased. Pending sales last month were up 2.4 percent from May and 19.8 percent from June 2010. The measurement is a forward-looking index based on contracts but not actual closings. Some economists are warning not to read too much into the latest numbers considering contract cancellations are on the rise.

Data released by Freddie Mac Thursday shows that amid mixed economic reports and ongoing debate over the nation's debt, the average rate for a 30-year fixed mortgage edged up ever so slightly this week but hit its highest mark in three weeks. Rates for adjustable-rate mortgages, on the other hand, inched down to a three-week low. The 15-year fixed-rate mortgage remained unchanged from a week earlier.

Median prices for REO and short sale transactions continue to decline. A new report from CoreLogic shows distressed home prices at the national level have fallen 10 percent since 2009. The company notes, however, that new foreclosure auction filings have dropped significantly since last October, and the industry's shadow inventory has been trimmed. With these two distressed sale drivers narrowing, CoreLogic says such transactions will likely begin to decline late in 2011 and into 2012.

Despite the usual tendency for increases in the spring season - with highest increases occurring in May - Radar Logic's May RPX Composite Price remained almost identical to its rate in January. The RPX Composite Price did increase month-over-month in both April and May. However, the slight increases were not enough to offset January's more substantial decline. The report revealed a 5.9 percent decrease year-over-year in May, the largest year-over-year decrease since September 2009.

Interest rates on fixed-rate mortgage loans inched up this week amid mixed economic data, according to Freddie Mac. The GSE's weekly survey puts the average 30-year fixed rate at 4.52 percent for the week ending July 21, and the 15-year rate at 3.66 percent. Adjustable-rate mortgages (ARMs) were mixed in Freddie's latest survey. The company's analysts calculate average interest rates based on data from about 125 lenders across the country.