REOCON 2013: An update on short sale and REO trends

The latest evidence: new home sales. They rose 1.5 percent in March to 417,000 homes, up from 410,000 new homes in February, according to Commerce Department data released Tuesday. Sales were up 18.5.

The nation turned a corner since entering a foreclosure crisis more than four years ago, analysts attending the 2013 REOCON Summit & Expo said Monday. Speaker Daren Blomquist, vice president of RealtyTrac, elaborated on 2012 short sale and REO trends when speaking to Realtors attending the conference in Dallas.

A distressed sale is a short sale or a so-called real estate-owned property, commonly referred to as an REO. A short sale is an agreement between a lender and a seller to put a home on the market for less than the balance on the mortgage. An REO is a property owned by a lender who is selling after foreclosing on the previous owner.

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The sale of properties repossessed through foreclosure may not peak until 2013, keeping home prices from a meaningful recovery for some time, analysts estimated Monday. Nearly half of the more than 552,000 REO properties liquidated in the first half of 2011 were held by private banks.

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Low interest rates, narrow loan demand, and lower fee income hinder stronger revenue gains and historically low short-term interest. over-year through June 2013 although prices remain well below.

Iowa AG seeks jail time for bad mortgage bankers However, he argued that “bad loans are often made during good times" and bankers need to remain vigilant in maintaining rigorous credit standards. Building off Evans’ earlier comments, Nashar.

Download now or preview on posterous Loan Mod Failures.pdf (97 KB) A recent AP story suggests that short sales and foreclosures are expected to increase as the number of loan medications fail. To date 27% of loan modifications have succeeded. If you have any questions regarding the short sale process or any real estate related [.] Tags: homes.

Phoenix Mid-Month Home Update Here is a quick recap of the Phoenix Mid-Month Home Update and what has taken place in the housing market over the last year. Since August of 2013 when there was a shortage of homes available & the demand was high, prices have climbed significantly (see chart below).