REO
By Esther Cho | 05/24/2013
In April, the share of sales involving foreclosures and short sales maintained their downward path, falling to the lowest level since 2009, according to the Campbell/Inside Mortgage Finance HousingPulse Tracking survey. Using a three-month moving average, the survey found distressed sales accounted for 33 percent of home purchases in April, a decrease from 35.6 percent in March and 43.6 percent in April 2012. As expected, investor activity also slowed during the same time period.
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By Andy Beth Miller | 05/24/2013
The Federal Reserve Bank of Cleveland recently compiled a comprehensive report to aid the creation of a more effective environment for which Ohioans can navigate (and stabilize) their state's housing market successfully. There are five main policies that the Cleveland Fed presented, calling for careful consideration from Ohioans. The first policy attempts to address the age-old issue of foreclosures, vacancies, and low-value or abandoned properties.
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By Mark Lieberman, Five Star Institute Economist | 05/22/2013
Existing-home sales rose 0.6 percent in April to an annual sales rate of 4.97 million, the highest level since November 2009, the National Association of Realtors reported Wednesday. The median price of an existing single-family home jumped $8,900 in the month to $192,800, the highest since August 2008. The inventory of homes for sale rose to 2.16 million--its highest level since last September. The supply of homes for sale rose to 5.2 months, the highest since October. Inventory has been a persistent concern to NAR, which says the low supply of homes for sale has reduced the number of transactions.
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By Esther Cho | 05/21/2013
Last year, some analysts were speculating the large supply of REOs and shadow inventory would keep the market depressed, but instead, the market is dealing with a lack of inventory available for sale, ProTeck Valuation Services noted in its May Home Value Forecast (HVF). "[I]n reality the shortage of housing inventory has led buyers to bid more competitively against one another leading to significant home price increases and tighter housing conditions," said Tom O'Grady, CEO of Pro Teck.
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By Esther Cho | 05/14/2013
The national mortgage delinquency rate might be "stubbornly high," according to TransUnion, but the delinquency rate would actually reflect normal levels seen 10 years ago if cure or foreclosure timelines were shortened. According to TransUnion, the first quarter national mortgage delinquency rate (60-plus delinquencies) was 4.56 percent, which is more than double the pre-crisis norm. However, when aging, 180-plus delinquencies were taken out of the equation, a new TransUnion analysis found the delinquency rate would actually be around 1 percent.
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By Esther Cho | 05/14/2013
The available supply of foreclosures and short sales previously stunted the recovery for new home sales, according to CoreLogic's May MarketPulse report. Though, now that the supply of distressed homes and existing-homes for sale has fallen, there's more room for the new home sales market to expand. Citing data from the Census Bureau, CoreLogic reported new home sales have increased 19 percent from a year ago in March. Most new home sales are also concentrated in hard-hit suburban metro areas, which bring an economic stimulus to areas devastated by the housing recession.
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By Krista Franks Brock | 05/10/2013
Most mortgage fraud takes place in the short sale and REO space, according to Rob Hagberg, associate director of fraud investigations at Freddie Mac. "This area is ripe with fraud," he said during a webinar hosted by CoreLogic. While servicers and others in the industry have adapted to some fraud schemes and put measures in place to detect and prevent fraud, schemes continue to evolve as fraudsters find new ways to manipulate sales. Both short sale and REO fraud often require fraudsters to convince servicers a home is worth less than it actually is.
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By Esther Cho | 05/07/2013
Micoley.com, a real estate marketing firm based in Green Bay, Wisconsin, announced its May 18 online real estate auction features over 40 properties. The event includes both single and multifamily residences, as well as commercial, mixed-use, and vacant, undeveloped land throughout Wisconsin, Illinois, Minnesota, and Georgia.
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By Esther Cho | 05/03/2013
In a recent report, Radar Logic closely examined purchase trends and patterns from institutional investors in the Atlanta area. Among its findings, the research firm found investors have been targeting a different cross-section of homes compared to traditional buyers. According to the report, institutional investors are more likely to purchase homes that are cheaper, smaller, and located in lower-income areas compared to homes bought by non-investor buyers.
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By Mark Lieberman, Five Star Institute Economist | 04/30/2013
Despite weakness in the Midwest, home prices posted their strongest year-over-year gain in almost seven years in February, according to the Case-Shiller 10- and 20-city Home Price Indices released Tuesday. Home prices rose year-over-year in all 20 of the cities in the Case-Shiller survey. Month-over-month, the 10-city index improved 0.4 percent in February, while the 20-city index was up 0.3 percent. On a yearly basis, the 10-city index was up 8.6 percent, and the 20-city index rose 9.3 percent.
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