Next steps for REO pilot program announced by FHFA

July 3, 2012 by · Leave a Comment
Filed under: Real Estate News 

The Federal Housing Finance Agency (FHFA) today announced that the winning bidders in a real estate owned (REO) pilot initiative have been chosen and transactions are expected to close early in the third quarter. Market response has been robust with strong qualified bidder interest.

“FHFA undertook this initiative to help stabilize communities and home values in areas hard-hit by the foreclosure crisis,” said Edward J. DeMarco, Acting Director of FHFA. “As conservator of Fannie Mae and Freddie Mac, we believe this pilot program will assist us in achieving our objectives and help to maximize the benefit to taxpayers. We are pleased with the response from the market and look forward to closing transactions in the near future.”

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CertusBank launches REO listings section

April 27, 2012 by · Leave a Comment
Filed under: REO News 

Thought you might enjoy this for all my users seeking REO information.

PR Newswire – CertusBank, N.A. is pleased to announce the launch of , a website featuring bank-owned commercial and residential properties, building lots and land for sale located throughout North Carolina, South Carolina, Georgia and Florida.

This new website provides easy access to detailed data about bank-owned properties for sale. Property descriptions and photographs are just a few of the features of this new website. The properties are conveniently organized by geographical area, price range and property type. Potential buyers will have the ability to view and contact the realtor associated with each property to gather additional information.

Paul Sparks (Executive Vice President and Senior Credit Risk Executive for CertusBank), shared, “CertusBank is very happy to provide this unique delivery channel for our customers and potential future customers. We are very pleased with the look, feel and competitive efficiencies we gain by taking this approach with our bank owned assets.”

Backed by the CertusBank guiding principles of excellence and integrity, this new addition to the CertusBank brand will further solidify our footprint in the Southeast as a leading financial institution.

Portland home values down 2.2 percent

March 7, 2012 by · Leave a Comment
Filed under: Real Estate News 

Interesting fact that just a tad bit over 20% of the Portland, Oregon real estate market is made of up Real Estate Owned properties.   Real estate prices overall are down around a third from the 2007 peak.

Business Journal (Portland) – Portland area home prices lost 2.2 percent in value over the year that ended in February, mirroring a national trend that a California data researcher finds compelling.

While local and national prices remain one-third below the 2007 peak, the modest declines of 2011 came against rising foreclosure rates. That signals the market could be stabilizing, Clear Capital , a Truckee, Calif.-based data research firm, said Tuesday.

Clear Capital found Portland area home values fell an average of 2.4 percent on a year-to-year comparison but were actually up a modest 0.2 percent compared to the prior quarter. According to the most recent data from the Regional Multiple Listings Service, the average sale price of a Portland home was $249,100 in January.

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HUD gives non-profits and governments 10% discount on REO properties

July 13, 2010 by · Leave a Comment
Filed under: REO News 

Housing Wire – The Department of Housing and Urban and Development (HUD) will give state and local governments and nonprofits participating in the Neighborhood Stabilization Program (NSP) preference to buy its REO at 10% below the appraised value.

The new initiative will also give these buyers a 14-day first-look period to consider buying the property ahead of investors. HUD secretary Shaun Donovan announced the new initiative at the National Council of La Raza annual conference in San Antonio, Texas.

In May, HUD announced a third round of NSP grants in addition to the $6bn awarded since September 2008. Grantees, which include nonprofits, state and local governments, use the money to buy and rehabilitate vacant homes in an effort to grow local economies and create jobs. The money is also put toward down payment and closing-cost assistance to low- and middle-income homebuyers.


Two-thirds of Orlando real estate transactions are REO Or Short Sales

May 17, 2010 by · Leave a Comment
Filed under: REO News 

Good news to hear that real estate sales are happening in Orlando and the market is working on a path to clear all these distressed properties.  Only 31% of the sales in April were actually traditional real estate transactions on properties that were on the market as a normal listed by a seller that was not in default on their mortgage.

The median price for REO homes in April did increase 1.7% to $72,900.  Homes are still 11.3% below the median price in Orlando compared to 2009.

More than two-thirds of all April home sales in Orlando were distressed sales, with REO accounting for nearly half of total sales activity in the Central Florida market, according to the Orlando Regional Realtor Association (ORRA).

The association said 46% of all sales were REO listings, while 31% were short sales. The remaining 31% of Orlando home sales were traditional, non-distressed transactions.

One in every 182 homes received a foreclosure filing in Florida, the third highest foreclosure rate in the country for the month of April, according to the online foreclosure marketplace RealtyTrac.


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