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Category: REO

Short Sales Stabilized Neighborhoods?

Posted on January 12, 2012 in REO, foreclosures, short sales with no comments

A popular session at the mortgage industry Five Star MPact Conference in Dallas, Dec. 4-6 focused on the use of bulk short sales to help stabilize neighborhoods quickly in the highest impacted areas. The idea seems to be gaining favor among lenders, housing non-profits and investor groups. Participants commented that the one-up method of selling [...]

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Fewer Owner-Occupied REOs are Being Purchased

Posted on January 12, 2012 in REO, arizona, california, florida, foreclosures, housing news, illinois, michigan, nevada with no comments

New Vista Asset Management of San Diego has completed a three year study on who is buying REOs over time.  The trend is distinctly away from REOs being bought and occupied by homeowners and is moving toward higher levels of investor buying.  Eighteen of the hardest hit counties are included in the study including cities [...]

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Closing Timeframe is Increasing in Many Markets

Posted on November 4, 2011 in REO, foreclosures, housing news, short sales with no comments

The Campbell/Inside Mortgage Finance monthly Housing Pulse Tracking Survey confirms that heavy lender workloads associated with refinance applications and problems with appraisals are leading to an increase in the length of time it takes to close on a home loan. The normal timeline for closing is around 30 days.  Lender workload is now pushing closings [...]

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REO Investing – Bank-Owned Home Stock Down 17 Percent

Posted on October 6, 2011 in REO, housing news with no comments

Big news if you are into REO investing.  Barclays Capital estimates that banks owned 476,000 homes by the end of July 2011.  The REO stock estimated for September 2010, just before the robo-signing scandal broke, was 574,000. The July 2011 figure is 17% lower than the total stock on hand in September 2010. Barclays also [...]

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Glut of Foreclosures Focus of Senate Banking Subcommittee Hearing

Posted on September 30, 2011 in REO, foreclosures with no comments

Last week expert panelists gave a Senate banking subcommittee ideas on how to speed the elimination of the overhang in bank owned housing.  Participants included representatives from the National Association of Realtors® (NAR), the National Association of Homebuilders (NAHB), a non-profit housing association, Zillow and Amherst Securities. The hearing was called “New Ideas to Address [...]

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Buying Rental Properties: Obama Administration May Remove Foreclosures to Start Rental Program

Posted on July 26, 2011 in Fannie Mae, REO, economy, foreclosures, freddie mac, housing news with 2 comments

Interesting news for investors buying rental properties!  The Wall Street Journal reports that the Obama Administration is considering a proposal to remove Fannie Mae and Freddie Mac owned property from foreclosure sales in order to rent them out. If this program goes into effect it is intended to help stem the decline in home prices [...]

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Shadow Inventory Threatens Nation’s Recovery

Posted on July 13, 2011 in REO, foreclosures with no comments

Equifax Mortgage Services credit trend research for May 2011 reveals that the recovery is being hampered by the continued high levels of foreclosed and seriously delinquent property throughout the country. While several economic factors appear to be improving, housing continues to considerably dampen all projections for economic recovery. The shadow inventory and REOs are identified [...]

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Buying Investment Properties: Shadow Inventory Declines But Still Huge

Posted on June 30, 2011 in REO, housing news with no comments

CoreLogic’s latest estimate of the inventory of homes at least 90 days late on payments, those in foreclosure and those homes that are bank-owned, dubbed the “shadow inventory” is 1.7 million units as of April. The numbers are down from 1.9 million units in April 2010.  Both numbers represent a five month supply of inventory; [...]

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RealtyTrac Weighs In on Housing Market Recovery Prediction

Posted on June 23, 2011 in REO, economy, foreclosures, housing news, short sales with no comments

At Housingwire’s 2011 REO Expo in Ft. Worth, TX last week, RealtyTrac’s senior vice president, Rick Sharga, predicted that the recovery in the housing market would not come before 2015. He said, the run up in housing prices was unusually long, and therefore the downward slide would also be a very long one. In the [...]

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Investment Properties: Distressed Property Represents 39% of Home Sales

Posted on May 20, 2011 in REO, foreclosures, housing news, short sales with no comments

Investment Properties continue to be a great opportunity! The National Association of Realtors® existing home sales report for the first quarter of 2011 shows that 39% of all existing home sales during that period were distressed property including Short Sales and bank-owned homes.  This includes end-buyer sales as well as investment properties. The Q1 sales [...]

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