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Home | News | REO (page 30)

Rapid Annual Price Gains Continue in June

Double-digit annual increases continued in June as home prices surged 11.9 percent, CoreLogic reported Tuesday. The increase marks the 16th consecutive month of annual home price appreciation. From May to June, prices grew 1.9 percent. Even with the significant annual gains, home prices are still 19 percent below their April 2006 peak, the data provider revealed.

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Spending Up Faster Than Income in June

Personal spending in June grew 0.5 percent, its fastest pace February while personal income rose 0.3 percent ,the Bureau of Economic Analysis reported Friday. Economists had expected income and spending each to grow 0.4 percent. By the numbers, income grew $45.4 billion, while spending was up $59.4 billion, the largest month-over-month increase since February when spending rose $75.7 billion.

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Balance for Seriously Delinquent Mortgages Hits 5-Year Low

The total balance for seriously delinquent first mortgages decreased to a five-year low as rising home prices reduce incentives to default, Equifax stated in its National Consumer Credit Trends Report. In June, the balance of loans 90 days or more past due or in foreclosure fell to $325 billion, down 27 percent from last year when the balance stood at $450 billion. Loans originated in 2010 or later represented about 7 percent of the balance for seriously delinquent mortgages.

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Payrolls Up 162K in July; Unemployment Rate Down to 7.4 %

The nation's economy added 162,000 jobs in July as the unemployment rate fell to 7.4.percent, the Bureau of Labor Statistics reported Friday. Economists had forecast payrolls would grow by 175,000 and that the unemployment rate would dip to 7.5 percent. Average weekly hours fell to 34.4, compared with forecasts of 34.5, and average hourly earnings fell two cents. Despite the increase in jobs, the report could have a major negative impact on the broader economy, as it showed more people with jobs but working fewer hours and for less money.

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June Marks 20 Months of Declines for Foreclosure Inventory

Completed foreclosures and distressed inventory continued their downfall in June, CoreLogic reported Tuesday. Data for last month showed 55,000 homes were lost to foreclosure, down 20 percent from June 2012. The level of foreclosure inventory also came down in June. According to CoreLogic's estimate, about 1 million homes were in some stage of foreclosure, which represents a 28 percent annual decrease. The yearly decline marks the 20th consecutive month inventory has trended down.

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Weak Household Formation Hampers Housing

The number of households owning homes rose a scant 32,000 in the second quarter, but the homeownership rate remained at 65.0 percent, the lowest level in 18 years, the Census Bureau reported Tuesday. At the same time, the Census Bureau data showed the number of new household formations dropped dramatically in the first half of the year, an average of about 500,000 new households per month compared with 1.4 million new households per month in 2012.

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Largest States, Metros Post Monthly Improvements in May

From April to May, home prices rose 1.3 percent, with Nevada leading month-over-month growth, according to Lender Processing Services. The improvement in May marks the third straight month prices have grown on a monthly basis in the 20 large states tracked by LPS. The data provider also reported a 7.9 percent year-over-year increase in May as prices stood at $266,000 for the month.

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Investor Purchases Slow Over Last Year as Short Sales Pick Up

With the exception of short sales, activity for distressed sales was relatively calm in June, according to data from RealtyTrac. Last month, institutional investors accounted for 9 percent of residential sales. The share represents a slight increase from 8 percent in May, and a small decrease from 10 percent in June 2012. Meanwhile, short sales saw a significant increase over the last year, representing 14 percent of all sales in June, up from 8 percent a year ago.

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Fitch Anticipates Continued Growth for Housing into 2014

In the backdrop of a slow growing economy, Fitch Ratings projects the housing recovery will expand this year and the next-just not at an explosive pace, according to a report. The forecast for 2013 is for existing-home sales to increase 7.5 percent and for new home sales to rise by 22 percent. Meanwhile, single-family starts should grow 18 percent, and multifamily starts should jump 25 percent.

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Report: FHA’s REO Disposition Strategy Weak Compared to GSEs

The Federal Housing Administration (FHA) needs to work on improving its REO disposition strategy so it can bring in higher returns when properties go to sale, according to a recent report from the GAO. In fact, when compared to Fannie Mae and Freddie Mac, the congressional watchdog found FHA disposes its REOs at a much slower pace and sees smaller returns. After examining foreclosure timelines, the GAO revealed the FHA takes about 340 days to dispose of its REOs after foreclosure, which is more than 60 percent longer than the GSEs average of 200 days.

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