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real estate-owned (REO)

U.S. Shadow Inventory Continues to Decline in July, Currently at 2.6 Million Units

Shadow Home/Credit: Comstock

CoreLogic has reported that the current residential shadow inventory nationwide as of July 2012 fell to 2.3 million units, a total supply of six months—a 10.2 percent drop from July 2011, when shadow inventory stood at 2.6 million units, which is approximately the same level the country was experiencing in March 2009. Currently, the flow of new seriously delinquent (90 days or more) loans into the shadow inventory has been roughly offset by the equal volume of short sales and real estate-owned (REO) sales.Click to continue

Home Sales Nationwide See 4.6 Percent Annual Hike in August

Home and Scale Pic

CoreLogic has released its August Home Price Index (HPI) report, which found that home prices nationwide, including distressed sales, increased on a year-over-year basis by 4.6 percent in August 2012 compared to August 2011. This change represents the biggest year-over-year increase since July 2006. On a month-over-month basis, including distressed sales, home prices increased by 0.3 percent in August 2012 compared to July 2012. The August 2012 figures mark the sixth consecutive increase in home prices nationally on both a year-over-year and month-over-month basis.Click to continue

The Cogsville Group Named Winning Bidder in Chicago REO Pilot Initiative


The Federal Housing Finance Agency (FHFA) has announced that The Cogsville Group LLC has purchased 94 Fannie Mae properties in Chicago as part of a real estate-owned (REO) pilot initiative. All properties were sold near or above market value. FHFA launched the REO pilot transaction in late February. Investors were qualified to bid through a rigorous evaluation process based on several factors, including financial strength, asset management experience, property management expertise and experience in the geographic area.Click to continue

GSEs Complete More Than 129,000 Foreclosure Prevention Actions in Q2


Fannie Mae and Freddie Mac have jointly completed more than 129,000 foreclosure prevention actions in the second quarter of 2012, bringing the total foreclosure prevention actions to 2.4 million since the start of conservatorship under the Federal Housing Finance Agency (FHFA) in 2008 with 1.2 million of those actions being permanent loan modifications. These actions, which have helped more than two million borrowers stay in their homes, are detailed in the FHFA's second quarter 2012 Foreclosure Prevention Report.Click to continue

Industry Trade Groups to Partner on REO and Short Sale Conference


The Mortgage Bankers Association (MBA), the Asian Real Estate Association of America (AREAA), the National Association of Hispanic Real Estate Professionals (NAHREP) and the National Association of Real Estate Brokers (NAREB) have announced plans for a National Short Sale and REO Summit, to be held Feb. 22-23, 2013 just outside of Dallas at the Gaylord Texan Hotel and Convention Center.Click to continue

Integra Group Real Estate Launches Property Management Division


Integra Group Real Estate LLC has expanded its property management services by including vacant property inspections to its management function. Through its Integra Property Management division, the company assists with managing rental properties and REO listings for investors and asset managers by providing property inspections and evaluations of vacant listings at no additional fee to clients.Click to continue

Foreclosure Filings See 15 Percent Year-Over-Year Drop in August


RealtyTrac has released its U.S. Foreclosure Market Report for August 2012, which shows foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 193,508 U.S. properties in August, an increase of one percent from July but down 15 percent from August 2011. The report also shows one in every 681 U.S. housing units with a foreclosure filing during the month.Click to continue

Equator Announces New Servicer-to-Attorney Foreclosure Solution


Equator has launched EQforeclosure, a streamlined and transparent platform for managing the entire foreclosure process. EQforeclosure provides the foreclosure and bankruptcy teams at mortgage servicers with direct access to attorneys and other parties without the need of an outside third-party vendor directing the process. Until now, processing foreclosures and bankruptcies has been extremely difficult due to complex paperwork and extensive legal requirements, which can vary greatly by state and jurisdiction.Click to continue

Chad Mosley Named SVP of Business Development for Mortgage Contracting Services


Mortgage Contracting Services LLC (MCS), a nationwide provider of property preservation, inspections and real estate-owned (REO) property maintenance to the financial services industry, has announced the promotion of Chad Mosley to senior vice president of business development. Mosley has played a key role in MCS’ sales efforts and customer relationship management and retention, while taking on the oversight of corporate marketing efforts.Click to continue

Nearly 25 Percent of Q2 Nationwide Home Sales Were Foreclosures


RealtyTrac has released its Q2 2012 U.S. Foreclosure Sales Report, which shows that sales of homes that were in some stage of foreclosure, or real estate-owned (REO) or bank-owned accounted for 23 percent of all U.S. residential sales during the second quarter—up from 22 percent of all sales in the first quarter and up from 19 percent of all sales in the second quarter of 2011.Click to continue