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New Survey Finds 36% of Homebuyers Expect Half-Off on REO
A new survey conducted by Harris Interactive found that 36% of homebuyers expect to receive a 50% discount or more when purchasing an REO property. Harris conducted the survey of more than 2,500 homebuyers between May 10-12 for the online foreclosure marketplaces Trulia.com and RealtyTrac. While the survey showed homebuyers are beginning to expect more […]
Continue reading...HUD Lobbies for More Federal Funding to Stabilize Housing Markets
20. May 2010
HUD Secretary Shaun Donovan is asking Congress to release additional funds to help communities combat the ongoing effects of the housing crisis and home foreclosures. He says the Obama administration is committed to working with lawmakers to secure a third round of funding for HUD’s Neighborhood Stabilization Program (NSP). The federal agency has disbursed $6 […]
Continue reading...Lenders Moving Faster to Auction Foreclosed Homes in Massachusetts
19. May 2010
The time it’s taking for a property to move from the first stage of the foreclosure process to auction has shrunk in Massachusetts, according to a new study released Tuesday by the Warren Group. The Boston-based research firm found that it is taking an average of about 4.6 months from when a lender files a […]
Continue reading...HAMP Servicers Put Nearly 300,000 in Permanent Mods
18. May 2010
The Treasury Department released April data for the administration’s Home Affordable Modification Program (HAMP) Monday, showing that permanent modifications have been initiated for 299,092 struggling homeowners. That’s an increase of 68,000 or almost 13 percent over March. Of the nearly 300,000 permanent loan restructurings granted, 3,744 have been cancelled. Eighty-one of those cancellations occurred because […]
Continue reading...Threat of Shadow Inventory Diminishing: Barclays
17. May 2010
Analysts at Barclays Capital say the industry’s ominous shadow inventory is close to topping out. New research published by the firm says the supply of homes nearing REO status, defined as 90 or more days delinquent or in the process of foreclosure, will peak this summer and then begin falling gradually as the market becomes […]
Continue reading...Major Banks Under Investigation for Mortgage Investment Fraud
14. May 2010
Prosecutors are investigating eight major banks to determine if they provided misleading information to credit ratings agencies in order to deceive investors about the quality of mortgage-backed securities (MBS) they were selling. New York Attorney General Andrew Cuomo has reportedly issued subpoenas to Citigroup, Goldman Sachs, Morgan Stanley, Bank of America’s Merrill Lynch, Credit Suisse, […]
Continue reading...$306 Million HUD Portfolio Sold by KDX Ventures
13. May 2010
KDX Ventures, a joint venture between Boston-based DebtX and Hillsborough, North Carolina-based KEMA Advisors, announced Wednesday that it successfully auctioned a HUD portfolio containing $306 million in nonperforming multifamily and healthcare loans. The portfolio consisted of 25 multifamily commercial real estate loans and one healthcare loan, ranging in size from $1.6 million to $44.3 million. […]
Continue reading...Home Prices Rebound 1.1% after Seven Down Months: IAS
12. May 2010
The U.S. housing market is showing some signs of life, according to the default management and valuation firm Integrated Asset Services, LLC (IAS). The Denver-based company said Tuesday that its national benchmark for residential property prices gained 1.1 percent in March. The increase follows seven straight months of declines recorded by the IAS360 House Price […]
Continue reading...Fannie Mae Requests $8.4B in Federal Aid after Q1 Loss
11. May 2010
Mortgage giant Fannie Mae has reported a net loss of $11.5 billion for the first quarter of 2010. The deficit has prompted the GSE to ask the Treasury for another $8.4 billion in federal funding. Last week, Freddie Mac requested $10.6 billion from the Treasury after it too posted another quarterly loss. According to Fannie […]
Continue reading...Delinquencies Fall for the First Time in 12 Quarters: TransUnion
10. May 2010
After steadily increasing for 12 consecutive quarters, the national mortgage loan delinquency rate—the ratio of borrowers 60 or more days past due on their mortgage—dipped down to 6.77 percent in the first quarter of this year, according to data released Monday by TransUnion. This statistic, which is traditionally seen as a precursor to foreclosure, reflects […]
Continue reading...Flooring Trends from HGTV
7. May 2010
By John Riha The economy may be keeping a lid on spending, but when it comes to flooring, it’s driving trends. That’s because today’s cost-conscious consumer is more demanding of value than ever. “There’s definitely been a shift from spending to savings, “ says Chris Davis, the president and CEO of the World Floor Covering […]
Continue reading...Quarterly Drop in Home Prices Doesn’t Budge 5.1% Annual Gain
7. May 2010
Home prices across the United States continue to slide in the quarterly context, but industry data released Thursday indicates that when you widen the scope, year-over-year numbers are still showing a healthy bounce-back from the depressed levels recorded in 2009. Add to that the fact that REOs are coming to market at a much slower […]
Continue reading...How to buy a foreclosure
6. May 2010
NEW YORK (CNNMoney.com) — You want to buy a foreclosure? Remember, there are both great opportunities and great pressures and pitfalls in this market. First, you have to decide at what stage of foreclosure you want to buy. There are three options: 1. pre-foreclosure; 2. sheriff’s auction; 3. repossession, called REO (for real estate owned […]
Continue reading...Distressed Sales Constitute Big Share of Home Resale Market
6. May 2010
Distressed Sales Constitute Big Share of Home Resale Market by Jann Swanson Distressed home sales are once again approaching a one third share of the real estate market for existing homes, depressing home price trends and indicating that the housing market is not yet out of the woods. According to a report issued by First […]
Continue reading...Pending Home Sales Up in March. Stabilization Depends on REO Liquidation, Jobs, Regs
5. May 2010
The National Association of Realtors released the Pending Home Sales Index data today. NAR’s Pending Home Sales Index measures housing sales contract activity. A sale is listed as “pending” when a contract to purchase an existing home (single-family, condos, and co-ops) has been signed but the transaction has not closed. A signed contract is not […]
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21. May 2010
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