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Home | News | REO (page 20)

Hudson & Marshall Selected to Auction 150 FDIC Properties

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 December 4–10 on properties located in Alabama, Florida, Georgia, and North Carolina.

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October Home Prices Maintain Trend of Slow but Steady Gains

Home prices are keeping with their trend of slow, but steady, month-to-month improvements. CoreLogic's October Home Price Index (HPI) reveals a 0.2 percent month-month rise in the national home price but a 12.5 percent year-year increase. October marked the 20th straight month of annual price gains, according to CoreLogic, which conceded in its latest report that appreciation was beginning to fall more in line with normal seasonal patterns.

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Higher Price Gains Align with Higher Levels of Distressed Sales

While analysts across the industry are reporting waning price gains as we head toward winter, Clear Capital also points out another interesting and perhaps counterintuitive trend occurring in the housing market. Prior to the recovery, high saturations of distressed sales correlated with falling prices, but today's market reveals a switch, with high levels of distressed sales taking place alongside higher price gains.

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Eminent Domain Takes Root in Areas with High Unemployment, Poverty

To address widespread negative equity, at least 15 cities and counties are considering using eminent domain to seize underwater homes and lower borrowers' mortgage principal balances, according to the Urban Institute. The institute conducted a study to see what commonalities these communities share and found that all 15 suffer from high levels of poverty and unemployment, stagnant incomes, and low housing prices.

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Are Cash Sales Creating a Dangerous Mirage?

Home prices and home sales have been rising over the past few years, pointing to a recovery in the housing market, but some warn that what we are seeing may not be a true recovery but instead a mirage created by investors--a dangerous mirage that could lead to trouble in the years to come. According to multiple industry studies, cash purchases made up about half of all home sales across the nation in September.

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Mortgage Rates Fall Slightly in October

Having risen for the previous four months, mortgage interest rates stumbled in October, according to data from the Federal Housing Finance Agency (FHFA). Using data on more than 5,700 loans from 33 different lenders, FHFA calculated a composite contract rate of 4.32 percent for loans closed in late October, a decline of 4 basis points from September.

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Rate of Appreciation Slows but Unseasonal Gains Remain Elevated

Home price gains decelerated on a monthly basis in September in 19 of the 20 cities tracked by the S&P/Case-Shiller Indices, with Las Vegas and Tampa experiencing the greatest slowdowns. All 20 cities reported annual growth, and 13 fared better than they did in August. Cleveland posted the strongest yearly gain, though it remains the second-worst performing city, beating only New York.

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Pending Sales Slip to Lowest Reading in Nearly a Year

Pending sales of existing homes fell a bit further in October, according to the National Association of Realtors (NAR). The trade group's Pending Home Sales Index is a forward-looking indicator; derived from contract signings, rather than closed sales, pending sales figures typically lag actual sales by one to two months. October's reading was the lowest recorded by NAR since last December and marked the fifth consecutive monthly decline.

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LRES Approved to Transact Business in Virgin Islands

LRES, a California-based company specializing in commercial and residential valuations and asset management, announced it has received a Certificate of Authority to conduct business in the U.S. Virgin Islands. With the certificate, LRES is officially authorized to do business within 54 U.S. states and jurisdictions.

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