Survey Finds Short Sales Outnumber REO in January Purchases
Short sales accounted for 15.9% of home purchases in January, surpassing the share of other distressed property activity, when real estate owned (REO) properties are measured separately, according to a monthly Campbell/Inside Mortgage Finance (IMF) survey of more than 1,500 real estate agents, conducted by Campbell Surveys.
The share purchases taken up by short sales surpassed the share of move-in-ready REO purchases (13.8%) and damaged REO (13.4%).
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Econohomes Launches Innovative REO Investor Website
Interesting website, nice design. They don’t have the inventory like some of the larger websites but they are just starting so maybe they are in the process of ramping up.
Business Wire - Econohomes, a nationwide direct seller of residential REO properties, has unveiled a powerful new website designed to revolutionize the way investors buy REO property. Built on a robust technology platform, Econohomes’ new site combines superior information on its extensive nationwide real estate inventory with the ability for investors to bundle and purchase groups of REO properties at significant discounts.
Registration and use of the Econohomes.com website to search for and bundle REO properties is free, there are not any subscription fees or foreclosure lists being sold. All properties on the Econohomes.com website are available directly from Econohomes and can be bundled for volume discounts or purchased individually.
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Fannie Mae Gives 3.5% Discount on REO Home Purchases
This is pretty big news. That is a pretty decent discount on a purchase on real estate listed on HomePath.com. That kind of discount should get some inventory moving from Fannie Mae. I was browsing through the inventory and if you are looking at the areas with the most exposure to subprime loans you are going to find some steep discounts on top of the 3.5% that Fannie is offering.
Housing Wire - Fannie Mae will provide a 3.5% discount to those purchasing a real-estate owned (REO) property listed as part of its HomePath division, according to a company notice. The discount can be used for closing cost assistance or the buyer’s choice of appliances. The offer applies to any owner-occupant who closes on a property listed on HomePath.com before May 1, 2010.
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New York City’s REO Inventory Increases by Six-Fold in Two Years
The number of REO properties in New York has grown at an overwhelming rate, according to a recent report by the Furman Center for Real Estate and Urban Policy, a joint network of the New York University (NYU) School of Law and the Robert F. Wagner Graduate School of Public Service at NYU.
The report looked at the outcomes of New York City properties over the last 15 years, paying particular attention to trends in recent years. Although only a small portion of properties entering foreclosure ended up as bank-owned, the increased rate at which these properties entered REO status was staggering. From December 2006 to December 2008, the number of bank-owned properties in the city jumped from 290 to 1,830 and dropped slightly to 1,750 in September 2009.
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San Francisco Home Prices Fall 41% on Foreclosures
This headlines says it all. Bottom line is that home prices are too expensive and until they come to a realistic level then we will continue to have turn-over in the real estate market through the foreclosure market. Heck, if the S.F. price fall some more, I might even consider moving their (But I still am not happy with there state state setup, it really adds up).
News (Bloomberg):
San Francisco Bay Area home prices fell 41 percent in April from a year earlier as foreclosures accounted for almost half of all sales, MDA DataQuick said.
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