Distressed inventory is on the decline, but the number of months it will take to clear these distressed homes from the market is on the rise. According to the latest report from Morningstar Credit Ratings, distressed inventory among non-agency residential mortgage-backed securities dropped 20 percent to 891,000 properties as of September. However, Morningstar says it will take 49 months to work through this inventory given current market dynamics. That’s 11 months longer than the assessment in 2012.
“Modest to moderate” economic growth continues to be the theme at the Federal Reserve, which this week released its Beige Book, tracking expansion across the 12 Fed districts from October through mid-November. The central bank reported improvements in residential real estate activity in the Boston, Philadelphia, Chicago, St. Louis, Minneapolis, and San Francisco regions, with single-family home sales softening in most of the remaining districts.
Fixed mortgage rates increased sharply this week on better-than-expected economic reports. Read More
The Special Inspector General for the Troubled Asset Relief Program (SIGTARP) has had laser sharp focus on ensuring foreclosure fraud offenders suffer the consequences of their offenses. A northern California man is now ... read more
In a report released this week, Clear Capital linked high levels of distressed sales activity with high levels of home price appreciation, something that may seem out of the ordinary. However, in a conversation with DS N ... read more
Hudson & Marshall will auction more than 150 single-family properties for the FDIC using a specially tailored version of the company's online and offline auction process. Five separate auctions will take place from Decem ... read more