Skip to main content

Report Finds REOs Outselling Foreclosed Properties

NationalMortgageProfessional.com
Oct 19, 2011

CoreLogic, a provider of information, analytics and business services, has released its U.S. Housing and Mortgage Trends, a report that provides data on housing sales, valuation, negative equity, shadow inventory and foreclosure activity and trends. The latest trends report from CoreLogic shows that homeownership rates for the 25-34 and 35-44 prime homebuyer age cohorts are down almost 10 percent in 2010 compared to 1980. Since July 2011, equity values have dropped more than 10 percent and home prices have been flat. U.S. Housing and Mortgage Trends also shows: ►Median income fell by 2.3 percent from 2009 to 2010, and real median income has declined more than seven percent since its peak in 1999. ►Of the foreclosure properties that were auctioned in 2006, 66 percent became real estate-owned (REO) properties. Once in REO, 85 percent have only sold once and have not gone back into REO. ►The REO recidivism rate within five years of the initial REO sale is only two percent. ►Investors have shifted from buying properties at foreclosure auctions to buying properties at REO sales, increasing the burden of losses on the banks holding REO properties. ►Real median income for prime homebuying age cohorts in 2010 was at the same level as in the late 1970s. ►Homeownership rates for prime homebuying age cohorts are down almost 10 percent in 2010 relative to 1980. ►Consumers continue to allocate a higher share of household expenditures to housing, which means they have less money left to spend on non-housing consumption.    
Published
Oct 19, 2011
Williston Financial Group, Doma Strike Deal

WFG is set to acquire Doma’s title operations, including operation centers in the Northern and Central California.

May 24, 2023
Mat Ishbia Takes A Charge At NBA Playoff Game

UWM CEO and majority owner of the Phoenix Suns involved in scuffle with Denver center Nikola Jokic

May 08, 2023
The Pitfalls Of Cash-Out Refinancing In A Rising Interest Rate Environment

Second-lien home equity loans are a far better way to take out cash

May 02, 2023
NEW YORK: How To Conquer - Not Fear - The Empire State

Roadblocks are many but payoff is worth it

May 01, 2023
RCN Capital Opens LA Office

Expansion marks lender's continued success.

Apr 26, 2023
Trigger Lead Legislation Renews Debate Over Consumer Choice

Borrowers can protect themselves from unsolicited lenders, but they could be doing themselves a disfavor

Apr 20, 2023