May 13, 2010
NATIONWIDE
First Quarter Reports Fannie Mae Foreclosure Figure Almost Double
The financial loss of Fannie Mae, as reported in the first 3 months of 2010 was $11.5 billion and the GSE has requested an aid of $8.4 billion of the tax-payers’ money from the Treasury Department. As regards foreclosure volume, from 62,000 properties in 2009, it went up to more than 109,000 properties presently and at the beginning of the period under review it stood at 86,000 properties.
Foreclosure properties held by Fannie Mae were contributed region-wise as follows: Southeast region of US contributed the most by 17,700 properties; Midwest region 15,000 properties; Southwest 12,800; West 12,600 and last by 3,500 from Northeast region.
In the quarterly analysis report under review, Fannie Mae states that consequent to the foreclosure moratoria adopted by the market, the levels of foreclosures were impacted during the first 6 months of 2009 to be less. The report adds “The continued weak economy and high unemployment rates, as well as the prolonged decline in home prices on a national basis, continue to result in an increase in the percentage of our mortgage loans that transition from delinquent to foreclosure status and significantly reduced the values of our foreclosed single-family properties”. Read More..
Nevada continues to lead Top 10 Foreclosure crisis States
In the report of foreclosure activity for the first quarter of 2010 it is revealed that:
Default Notices have been issued on 304,799 properties – an increase of 1 percent from the previous quarter, but decrease by 1 percent compared to 2009 first quarter.
A record-highest total of foreclosure sale public auctions are scheduled on 369,401 properties – increase by 12 percent from the previous quarter and 21 percent increase compared to 2009 first quarter.
Repossessions by lenders also hit a record high in the first quarter of 2010 – 257,944 properties – an increase by 9 percent from the previous quarter and 35 percent increase compared to 2009 first quarter. Read More..
LENDERS & SERVICERS
Banks find new know-how for marketing REO properties
At first the lending banks were not ready to compromise on the asking price of these REO properties. Now after two years the number of REO properties with banks has touched a record high, according to authentic real estate sites and there appears to be a changing trend. In the latest quarter ended March 2010, as many as 257,944 properties were repossessed by lending banks – an increase by 9 percent from the quarter ended December 2009 and a staggering 35 percent increase compared to the first quarter of 2009. Read More
Commercial/Multifamily Servicing and Technology Conference
The premier event for commercial real estate loan servicing, closing and technology professionals. With noted industry experts addressing the challenges and opportunities facing the industry today, you will take away valuable information and strategies for working at maximum effectiveness in a rapidly shifting marketplace. Take advantage of this exceptional networking opportunity where you can interact with colleagues from across the country in evaluating and discussing cutting-edge tactics for negotiating and thriving in the new business models emerging in the recovering economy. Read More
COMMERCIAL
The Guiding Light of Short Sales Commercial
In order to succeed in commercial property investment, a specific process must be implemented to reach clear objectives. While revision of such processes must be regular and diligent, an intimate global view of the entire investment process must be had. Information from a variety of external sources will be received and needs to suffer conversion into decisions. Then these decisions need to be converted into action. Read More..
Dallas Commercial Market Forecast
Amid the media frenzy accompanying the global economic crisis, it may be that a certain sense of skepticism has filled the air at times. Nevertheless, while the green shoots of economic recovery have been referred to as if the representing the Second Coming, many parts of the United States are poured over for signs of growth, but Dallas it seems has the gumption to back it up.. Read More
MARKET UPDATE – DALLAS
Dallas properties on foreclosure show increase in sales
According to latest report on foreclosure activity, Texas holds the ranking outside the Top 10 States consecutively for nearly 6 months period, unlike earlier. While new foreclosure filings show a decline overall in the State, Dallas County follows the same pattern.
Texas State new foreclosure filings recorded for the month of March, according to trusted statistics sites, were 15,552 properties and the year-to-year total is 40,415 properties. The new foreclosure filings in Dallas during the month of March was 852 followed by the main cities – Mesquite:216, Grand Prairie:214, Garland:180; Irving:127, Lancaster:92, Cedar Hill:85, Rowlett:82, Desoto:71 and Duncanville:51. Read More
HOA forced home sales in Dallas-Fort Worth Area
It is not necessarily defaults in mortgage payments alone, to cause foreclosure sale of homes. Even Home Owners’ Associations can post foreclosure sales to recover their dues. This is what the peculiar situation obtaining, as evident by the number of homes – 350 to be precise – in Dallas-Fort Worth scheduled for foreclosure auctions for May 2010.
There is an increase in the number of such foreclosure filings, according to Foreclosure Listing Service. President of this Addison-based service, George Roddy says these HOA postings were very few in history and just 5 years back there was none. Read More
Repeat Postings galore in Dallas and other Counties of Texas
According to one Addison-based research firm, the List of Bank Foreclosures for Sale in 19 Counties of Texas, including Dallas, have been muddled by mortgage lenders making repeat postings. Repeat posting means a property originally posted in the listings for sale under foreclosure gets taken away from the list, when the troubled property owner tries to restructure the loan – known as “loan modification” – or tries for Short Sale of the property and again reposted in the list, in the event of re-default by the borrower even after loan modification.
Basically the difficulties in loan modifications and the inordinate delay in processing the Short Sale applications are the reasons behind the increased number of reposting of properties in Texas, the research firm informed. Read More
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