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.
Popularity: 1%
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.
Popularity: 1%
Fannie Mae opens satellite offices to sell REO foreclosures
With the amount of listings that Fannie Mae hold in those two states, this does not surprise. We did a online review on Fannie Mae REO Property listings.
Fannie Mae is rethinking how it will handle the tens of thousands of properties being repossessed as the real estate market continues to plummet.
To that end, it is opening two satellite offices, one in California and another in Fort Lauderdale, Fla., to manage and sell its foreclosed properties in those states, said Marilyn Kornfeld, a spokeswoman for the Washington, D.C.-based company.
Popularity: 2%
Washington Mutual (WaMu) REO Department
No review for WaMU REO properties as this time. I could not find any information on their website or a link to a national broker that was handling their REO listings. Through searching the web I did happen to pull up a phone number you can call that has a automated voice menu. Enjoy
REO Phone Number:
Popularity: 16%
U.S. Home foreclosure filings up 55% percent in July
No surprise here, these are mostly the sub-prime loans that are having their interest reset to a higher amount which is usually too high for the borrower or the value of the house has fallen so much that the mortgage is more than the current value of the home.
Next year we should expect another uptick in the 4th quarter and 2009 when the Alt-A loans start to reset as well and we should see foreclosures to rise in areas where we thought would not see any increase. We are still not through this housing mess, stay tuned.
Report:
U.S. foreclosure activity in July rose 55 percent from a year earlier as a slump in once-sizzling housing markets forced yet more borrowers to default on their mortgages, according to a monthly report.
Foreclosure filings — default notices, auction sale notices and bank repossessions — rose 8 percent from June and 55 percent from July 2007 to 272,171, according to RealtyTrac, which records property in various stages of foreclosure.
Popularity: 1%
Security National Servicing Corporation
In 1996, Security National Properties opened as a commercial real estate company that specializes in the acquisition, development, and management of office and retail properties. In 1998, SNP issued their first bond securitization, providing investors an opportunity to participate in pools of performing assets.
Today, the Company manages a diverse portfolio of residential and commercial assets as well as a select group of non-real estate loans. We anticipate continued growth as a result of our success in procuring new portfolios, effectively managing our assets, and strategically diversifying into related business activities.
Listings:
At the time of this writing, they have REO property in every state in the U.S. The listing pages are very basic with few having actual pictures. After reviewing a handful of listings in different states we would recommend just contacting the broker and getting some concrete information.
Link:
Popularity: 8%
Private Financial Services REO Properties
This will be a short review being that Private Financial Services only had a single REO property listing at the time of this writing. PFS is a property management company that specializes in Oil & Gas properties with mineral rights. They have provided services for Bank of Oklahoma, Bank of Texas, Bank of Albuquerque, Bank of Arizona, Colorado State Bank and Trust, Bank of Arkansas, Bank of Kansas City, and Southwest Trust Company.
For the single listing they had it did not have a picture. It does have some basic real listings information and contact information for the broker representing the property. Maybe in the future we will see more listings.
Link:
Popularity: 5%