REO Inventory 54.2% Higher than Last Year A recent HUD REO Inventory report shows that the FHA is holding about 25,000 more homes now than it was a year ago. In February 2010 FHA held 44,605 foreclosed properties; this February the number stood at 68,801. Part of the reason for the extra inventory is that [...]
Lender Processing Services (LPS) reports that the REO inventory in the U.S. increased by 10% in 2010 and that 30% of foreclosure first filings were on homes that had previously been in foreclosure. This means that brand new problem loans are beginning to decrease.
Two investment research houses have recently calculated the number of years remaining of high foreclosures to be in the five year range. TrimTabs Investment Research and Baker Avenue Asset Management have both weighed in on the topic recently. Madeline Schnapp, TrimTabs director of economic research said that it will take four to six years to work through the current backlog of distressed housing before housing recovery can fully take hold.
A Short Sale Daily survey of readers reveals that the top concern of Short Sale Investors is the amount of lag time in the negotiation process. A total of 44.7% of Short Sale Investors listed the lag time issue as the top problem. The second most frequently mentioned problem is bank inflexibility (42.1%). The other highly ranking concerns were: taking the deal from approval to closing (36.8%); bank reluctance to accept Short Sales (31.6%); inadequate bank staffing (28.9%); time restrictions placed on the deal to get to closing (28.9%); and homeowner education in the Short Sale process and benefits (23.7%).
The RealtyTrac statistics for third quarter sales are in and they indicate that 25% of all residential sales were for homes that were either in pre-foreclosure (Short Sales), bank-owned, or were sold at a foreclosure auction. The total of distressed properties sold to third parties between July and September were 181,748.
Realtytrac reports that in August U.S. lenders foreclosed on 95,364 homes, an all-time monthly high that is 2% more than the previous peak in May 2010. The August REO figure was 25% higher than the same month in 2009.
At first blush, the Neighborhood Stabilization Program (NSP) appears to put up significant roadblocks for private investors to purchase bank-owned properties as the best possible price and the fastest possible time.
In an effort to motivate homeowners who have lost hope as their mortgage fall more and more behind, Financial Asset Services, Inc. is employing licensed REO and Short Sale Agents around the country to knock on doors in order to communicate options directly to homeowners in distress.
Separate reports by Clear Capital and Barclays Capital confirm that during the May-July period bank-owned property continued to decline as a percentage of the total homes on the market.
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