Tag Archives: Property Leasing

CoreLogic has introduced a new commercial property evaluation service that utilizes more than 7,500 real estate brokers and contract appraisers to provide commercial valuations for lenders, investors, and special servicers. CoreLogic says its system allows users to quickly determine the current market rent for properties more cost effectively than formal commercial real estate appraisals. The new service can deliver a valuation in 10 business days on average, and users can order and track valuations online 24/7.

Peter Monroe was president of the oversight board of the Resolution Trust Corporation (RTC) in the early 1990s. During his tenure there, he lent his expertise to unwinding hundreds of billions of commercial mortgages from insolvent savings and loan (S&L) institutions. With the current real estate downturn, such skills are in demand again, and Monroe has his sights set on the Florida commercial property market.

According to a study released by Fannie Mae, most Americans strongly desire to own a home, but a number of factors, including financial caution and shrinking households, continue to contribute to a willingness to rent. According to the study findings, 51 percent of current owners and renters say the housing crisis has not affected their overall willingness to buy a home over the long term. However, one-third say they are more likely to rent their next home than buy.

Americans are less certain that the housing market has found its floor, and continue to be wary of buying a home. Those are the findings of Fannie Mae's most recent nationwide housing survey. The GSE says consumer attitudes about the housing market are more negative since its second-quarter poll, but the declining optimism is reinforcing realistic attitudes toward owning and renting. For the first time, delinquent borrowers are more likely to say they would rent rather than buy their next home.

Since the homebuyer tax credit expired in the spring, homebuying activity has slowed by more than 30 percent, and analysts aren't expecting much of a rebound any time soon. At the same time, the number of homes for sale has risen and with foreclosures still escalating, REO inventories are only going to grow. To boost housing demand and limit supply, John Burns Real Estate Consulting has developed an REO rental housing proposal, with three key points, which includes establishing an REIT for bank-owned properties held by government agencies.

The nation's homeownership rate held steady at 66.9 percent during the third quarter. With foreclosures still mounting, bank repossessions at an all-time high, and many consumers abandoning the idea of the ""American Dream,"" homeownership is at its lowest mark since the end of 1999. Renting is not only gaining ground as the most practical means of housing for a larger number of consumers, but some say it could be the answer to keeping millions of struggling borrowers in their homes and stabilizing foreclosure-ridden communities.

Lenders cannot proceed with foreclosure sales in the District of Columbia unless the security, or ownership, interest of the lien holder has been properly recorded in public filings, according to Washington, D.C.'s attorney general. Under District law, each deed or other document transferring a mortgage interest must be filed with the Recorder of Deeds within 30 days of execution, and Attorney General Peter Nickles stressed that this requirement is not satisfied by private tracking through the Mortgage Electronic Registration Systems(MERS).

Real Property Management (RPM) and RE/MAX have agreed to exchange property and client referrals to assist renters, distressed homeowners, and investors. Through the agreement, RPM will connect RE/MAX agents with investors ready to sell, and RE/MAX agents will recommend clients to RPM who are ready to rent. RE/MAX agents may also refer properties to RPM for management. This alliance marks the first time a major real estate franchisor and one of the country's largest property management franchisors have joined forces, according to RE/MAX.

Real Property Management says it has transitioned thousands of REO properties into rentals by using a lease and hold strategy. The company offers its rental initiatives to former owners of foreclosed properties or to new tenants, and says local, regional, and national banks, as well as other mortgage owners are now turning to a lease and hold strategy as REO inventories balloon.

Banks have yet to loosen their tight grip on credit. The Federal Reserve's latest survey of senior loan officers found that most banks maintained stringent lending standards in the first quarter, while some tightened lending terms further. Compared with the previous quarter, a larger percentage of banks indicated that demand for first lien mortgages and home equity loans had weakened further. On the commercial side, a significant portion of lenders said they have increased their use of extensions for loans at or near maturity.