Tag Archives: REO

WHERE HAVE ALL THE REOs GONE?

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The amount of foreclosed homes on banks’ books has dropped by 18 percent in the last year, the Federal Deposit Insurance Corp. reports. The FDIC also says that levels have been dropping since the third quarter of 2010. As of June 30, banks held $41.7 billion in REO properties — that’s down from $51.2 billion

Bad News from the Federal Housing Finance Administration

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Here is an important update regarding the Federal Housing Finance Administration’s (FHFA) REO “bulk sales” pilot initiative. Despite vehement opposition from C.A.R. and California Congressional members, the negative economic impact to the state’s housing market, and cost to taxpayers, FHFA is moving ahead with its REO bulk sales initiative, which calls for the sale of

DON’T BE AFRAID OF THE SHADOW INVENTORY

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Shadow inventory dropped nearly 15 percent year-over-year in April and is at about a four-month supply—reaching its lowest level in nearly three years, real estate data provider CoreLogic reports. Shadow inventory, as defined by CoreLogic, refers to properties that are seriously delinquent by 90 days or more, in the foreclosure process, and properties that have

Distressed Properties 26% OF U.S. Sales – Short Sales Up – REOs Down

About one in four home sales during the first quarter of this year was in some form of foreclosure, according to RealtyTrac. A growing number of those distressed sales were also from short sales, the newly released report shows. Distressed properties—either bank-owned, in default, or scheduled for auction—accounted for 26 percent of all residential sales

REO Bulk Sales Program is Unnecessary & Harmful in California

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California lawmakers have introduced a bill that sets out to stop an “REO to rental” pilot program in the state that would allow bulk sales of Fannie Mae’s bank-owned properties to investors. Rep. Gary Miller, a Republican who represents California’s 42nd Congressional District, introduced H.R. 5823, “Saving Taxpayers from Unnecessary GSE Bulk Sale Program Act