REO prices rising, but is this good for you?
May 15th, 2012
by Michele Lerner
In recent years, many housing experts have pointed the finger at foreclosures for driving down prices and the housing market overall.
But in an unusual twist, foreclosure prices are now rising in some markets while the price of non-distressed real estate falls.
Increasing sales of real estate owned by banks–commonly known as REOs–to investors recently have caused foreclosure prices to tick up. Meanwhile, home values for non-distressed real estate has continued to decline in recent months.
According to the Clear Capital Home Data Index Market Report, from April 2011 to April 2012, sales prices for REO sales rose 5.5 percent, while prices for non-distressed sales dropped 2.9 percent.
Could the increase in REO sales prices bode well for the general housing market in the coming year?
“If REO prices continue to go up, it will stabilize the lower end of the national housing market, which is a necessary first step for improvement in the market overall,” says Rick Sharga, executive vice president of Carrington Mortgage Holdings in Santa Ana, Calif. “But REO prices are only one factor that impact[s] the real estate market.”
Rising sales, rising prices
Sharga says that an increase in the overall level of new-home sales typically will drive prices up all over the market. However, he says that the limited availability of financing for jumbo loans is hurting the high end of the housing market, so that most home purchases are in the low to mid-price range.
Read: 4 factors in the rent vs. buy decision
According to Clear Capital’s report, “Going forward, the sensitive balance between the REO supply and demand will help determine how market prices react to shifts in REO saturation. If REO-to-rental investment activity continues or increases, it is likely to provide the lift needed to support price increases, especially as we enter the summer buying season.”
Sharga says that he believes REO prices have risen because of a classic supply-and-demand scenario, rather than a wave of investor purchases.
“What’s causing price increases is the lack of foreclosure inventory,” says Sharga. “Most investors who want to buy foreclosures in bulk have been unable to do so.”
Read: Buying a foreclosure? It’s more than just cheap real estate
Another reason the average price of foreclosures may be rising is that the foreclosures on the market now tend to be more expensive homes, since lower-priced homes fell into foreclosure earlier in the housing downturn, Sharga says. REO prices are higher as well because many servicers are making repairs in order to improve their return on investment.
Regional REO impact
Some areas that have been hardest hit by foreclosures have seen price increases in their overall market because of increased REO sales. For example, in Phoenix, values rose 3.8 percent over the past quarter. Phoenix has been No. 1 or No. 2 among the top 15 performing markets since February, according to Clear Capital.
The REO portion of sales rose to 27.9 percent of the national market in March 2012, with every region of the country showing an increase compared to November 2011, according to Clear Capital. In the Midwest, 37.1 percent of all sales in March were REOs. Such transactions made up 33.3 percent of sales in the West, followed by 25.3 percent in the South and 10.2 percent in the Northeast.
“The states with the highest foreclosure rates are seeing the highest REO sales now, but you can’t necessarily assume that REO prices and market home prices will rise in those areas,” says Sharga. “You have to look at local market economics, too, such as job growth.”
Investors vs. owner-occupants
Sharga says that many available REO properties do not appeal to owner-occupants because of the level of work required to make them livable. Investors who buy multiple properties often have the ability to hire contractors for several projects at one time.
“We’re in a unique time in the market with a year-over-year decline in homeownership and demand for rental properties,” says Sharga. “This is an opportunity to remove distressed properties from the market and to stabilize rising rent prices. This will allow supply and demand for the rest of the housing market to work itself out over the next two to three years.”
Sharga also says that it’s better for the market to have an investor-owned rental property than an abandoned home.
“There are 140 million single-family homes in the country and about 800,000 REOs, so even if all of them were purchased by investors and converted to rental properties, it would be a fraction of 1 percent of the housing inventory,” says Sharga.
He says all the trends, including the rise in REO prices, suggest that the housing market has bottomed out.
“People who have been waiting for an opportunity to buy may want to get serious now,” says Sharga.
Spanish Banks’ Bad Loans Worsen as Recession Bites: Economy
Spanish Banks’ Bad Loans Worsen as Recession Bites
Pedro Armestre/AFP/Getty Images
During a national strike in Madrid on March 29, 2012.
During a national strike in Madrid on March 29, 2012. Photographer: Pedro Armestre/AFP/Getty Images
May 18 (Bloomberg) — European Union Economic and Monetary Commissioner Olli Rehn talks about Spain’s efforts to shore up its banking system and Greece’s commitment to the euro.
He speaks with Bloomberg Television’s Linda Yueh in London. (Source: Bloomberg)
More Spanish loans soured in March,
fueling concern that the government’s focus on making banks
clean up real estate was too narrow as the country’s economy
entered a recession.
Bad loans as a proportion of total lending jumped to 8.37
percent in March, the highest since August 1994, from a restated
8.30 percent in February, according to data published today by
the Bank of Spain. As much as 8.21 billion euros of loans soured
in the first quarter, 90 percent more than in the same period of
last year. The regulator said a further 4.15 billion euros ($5.3
billion) of loans went bad, in addition to its original 143.82
billion-euro total for February before the number was restated.
Spain’s government said on May 11 it would make banks take
charges of about 30 billion euros to cover potential losses on
real-estate loans that are still performing, adding to about 54
billion euros of provisions and capital ordered in February.
With unemployment topping 24 percent and the economy set to
shrink 1.8 percent this year, according to International
Monetary Fund estimates, analysts say the state will need to
impose more charges on banks as the slump damages assets beyond
real estate.
“As the economy keeps getting worse, the banks will keep
on having to make provisions to account for the negative impact
of the lower activity and the higher unemployment,” Steen Jakobsen, chief economist at Saxo Bank A/S, said by telephone.
“The first step in reaching a solution is recognizing the scale
of the problem, and we’re not there yet.”
Sales of Protection
U.S. banks increased sales of protection against credit
losses to holders of Greek, Portuguese, Irish, Spanish and
Italian debt in the last quarter of 2011 as the European debt
crisis escalated.
Guarantees provided by U.S. lenders on government, bank and
corporate debt in those countries rose 10 percent from the
previous quarter to $567 billion, according to the most recent
data from the Bank for International Settlements. Those
guarantees refer to credit-default swaps written on bonds.
In Asia, surging food costs offer the most visible sign of
India’s inability to contain price pressures, threatening
spending in the world’s second-most populous nation. Even as the
nation’s benchmark wholesale-price inflation has eased to below
9 percent after breaching that level most of last year, a
recently introduced consumer-price gauge shows how little room
the central bank has cut to cut interest rates and spur growth.
Bad Loans
India’s consumer-price index climbed 10.36 percent from a
year earlier in April as prices of cereal, pulses, milk and meat
products rose, compared with a revised 9.38 percent advance in
March, a report showed today.
Concern more bad loans will come to light at Spanish banks
has driven up the country’s borrowing costs on speculation the
final bill may hurt government finances. Spanish 10-year bond
yields surged to 6.46 percent this week, the highest since
November. The yield slipped to 6.26 percent today, reducing the
spread over German bunds of similar maturity to 4.84 percentage
points.
Moody’s Investors Service downgraded 16 Spanish banks last
night, citing the nation’s recession, reduced funding access for
lenders and deterioration in loan quality that will spread
beyond real estate to household and company loans.
“Mortgages to individuals have been quite resilient,”
Maria Cabanyes, a Moody’s analyst in Madrid, said by phone
today. “We don’t think this is sustainable given the
government’s austerity program and high unemployment.”
Spain will announce on May 21 its choice of two companies
to audit the banks’ loan books, Deputy Prime Minister Soraya Saenz de Santamaria said today. BlackRock Inc. and Oliver Wyman
are among contenders for the work, according to a government
official who asked not to be identified and briefed reporters in
Madrid last night. The government will make the findings of the
two-stage audits public and expects that the more than 600
billion euros of Spanish mortgage loans are generally properly
valued and provisioned for, he said.
To contact the reporter on this story:
Charles Penty in Madrid at
cpenty@bloomberg.net
To contact the editor responsible for this story:
Frank Connelly at fconnelly@bloomberg.net
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Real Estate Investing Becomes More Efficient Through New Marketing Agreement … – Virtual
This week, Matt Gerchow and Corey Boatright reached a new marketing agreement that allows members of Real-Estate-Investing.com to directly access the products and services of Shortsaleology.com.
Tampa, FL (PRWEB) May 17, 2012
Real Estate Investors have a new tool in their arsenal. Cory Boatright has made available his two hundred ninety-seven dollar short sale course as well as his 51 rules for success in business and life.
In addition, Mr. Boatright has made available a special video which details a little known bank secret to getting short sales approved.
Through this new marketing agreement, new visitors as well as seasoned site members will have direct access to the Shortsaleology product line. In addition to access to these products, visitors will also be privy to Cory’s award winning blog, Short Sale Fundamentals. Access to these products and services is as simple as visiting this website.
“This course is hands down an A+. Without a shadow of a doubt. What Cory does that nobody else does is walks you step by step through how you need to make the phone calls to the bank,” says Brian Kurtz.
The Real Estate Investing market has changed drastically over the past seven years. Where assignments of contracts were once prevalent prior to 2005, the market now exists primarily in short sales and working with bank-owned properties. In the current market, the investor needs more of a proven plan in order to process their properties through the banking system. The shoot from the hip days of assignment of contract are long gone.
Investors that utilize the short sale fundamentals system have found success in the changing market.
Real-Estate-Investing.com is a social network founded and operated by Matt Gerchow which is dedicated to the furtherment of Real Estate Investing in the United States.
Shortsaleology.com is a website and brand developed and promoted by Cory Boatright, one of the premier short sale experts in the United States. His business caters to the brand new, the experienced and the professional real estate investor.
For instant access to Cory Boatright’s short sale system visit http://www.real-estate-investing.com
For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2012/real-estate-investing/prweb9513112.htm
Rented home doesn’t pay the mortgage €’ now what?
Q: We own a home in Georgia. Due to a job change, my husband moved out of state and took a large pay cut. I stayed in the home for a year after he moved and we depleted our savings during that time.
We were finally able to rent the home out, but the rent does not cover our expenses. Now the mortgage company will not accept our request for a loan modification. We are in the arrears since January of this year. I am truly perplexed why the mortgage company will not work with us. Is it to their advantage to just take the home? We have an FHA loan. And what about the renters who just moved in?
Now that you have moved out of the home, your options may be more limited and you may have to make some hard choices.
You stopped making payments to your lender in January and now the lender has the right to foreclose on the home, sell it and use those proceeds to pay whatever is owed on the debt. Georgia is one of those states that allows for a rather quick foreclosure process. While in some states the foreclosure process goes through the courts and can take quite some time to go from non-payment to a home sale, in your situation, it could take just six months or less.
Now that you have leased the home to tenants, your lender considers the home to be an investment/rental property. Most home loan modification programs and foreclosure avoidance programs have been set up to keep homeowners in their principal residence. Making Home Affordable (www.makinghomeaffordable.gov) doesn’t help real estate investors — even though that isn’t what you intended to be.
Borrowers in trouble with second homes, rental homes and other investment real estate might be out of luck, as few lenders are willing to help them out under any relief programs. Contact your own lender directly and ask; however, since you are months behind in your mortgage, the lender may not feel you qualify.
You still have the ability to sell the home, even if the sale is a short sale (i.e., the proceeds from the sale are less than what you owe). If you sell the home, you will then get rid of the issues that go along with owning it, including the debt.
If you do a short sale, you will have a resulting balance you still owe the lender, called a deficiency. In some states, the lender will be unable to pursue you for the deficiency. In states where deficiency judgments against borrowers are allowed, the lender can sue you for the amount owed and can attempt to collect that debt for years to come.
In your situation, you can wait for the lender to foreclose or you can try to sell the home. If you are successful in selling the home, your credit will have a black mark on it, but your credit history won’t suffer as much as if the home is lost through a foreclosure.
As for your tenant, you are now well into positive balance on your home budget. You’ve stopped paying the lender and you’re collecting rent on the home. It’s time for you to make up your mind as to whether you want to keep the home or get rid of it.
Sold on the idea?
Admit it. The last time you signed a hefty cheque to cover an estate agent’s fee for selling your home you quietly asked yourself: “Could I have done this myself for free?”
Yet the For Sale By Owner phenomenon, long-established in parts of the world and made easier by the launch of self-advertise websites, has had little impact on professional estate agents, with no more than 12 per cent of sales handled this way in any national market.
Even in countries where agents have sharply reduced in number recently – Spain’s total is down 40 per cent since 2006, for example – the cause is the sharp fall in transactions, not because sellers are rushing to do the job themselves. This runs contrary to the expectation that the downturn would push sellers into using FSBO websites, through which they could save tens of thousands of pounds in fees.
Estate agents’ percentage commissions – usually based on the sum paid by the eventual buyer – have stayed about the same for more than 20 years, although sale prices have risen steeply. Commissions vary within each country but are typically 2 to 3 per cent in the UK and the Republic of Ireland, 4 per cent in Scandinavia and Australia, 6 per cent in the US, Canada, Spain and France, and up to 10 per cent in Switzerland.
FSBO: step by step
FSBO vendors must work hard to optimise their sale chances.
They should place high-resolution photographs on their chosen sales website. Asking prices are determined either by paying a professional valuer or looking objectively at comparable homes for sale nearby.
Sellers are advised to declutter, finish outstanding minor repairs and tidy gardens. FSBO vendors must also print publicity material and signs conforming to local laws about property descriptions. Critically, sellers must supervise viewings by prospective buyers: they should note contact details, put valuables out of sight and have family or friends in the house for added security.
FSBO sellers must handle tricky negotiations with buyers who make offers below the asking price, debate which fixtures and fittings are included, and who want commitments on whether rival bids will be tolerated. They must also deal with more basic issues such as moving dates.
The home of FSBO is North America, where the concept has existed for half a century or more but has not grown significantly in the past five years. PropertyGuys.com is Canada’s largest FSBO service with 106 franchise operations employing staff to promote FSBO in 600 mainly urban locations. Sellers buy different packages to list their property online, costing from C$350 (£220) upwards: the cheapest deals list property details and basic photographs on a website.
The service carries advertisements for about 10,000 homes on sale. It markets itself, as with most FSBO operators, by criticising allegedly outdated traditional agents and by being a one-stop shop for sellers. “We’re not lawyers but we connect everyone with legal paperwork. We’re not home inspectors but we know a bunch. We’re not mortgage brokers but we know a bunch. We’re basically the traffic cop for homeowners,” says Ken LeBlanc, president and chief executive of PropertyGuys.
Some Canadians like the principle: although no formal figures are kept, it is believed by agents that about 12 per cent of the country’s homes are sold through FSBO although, again, the trend has not accelerated significantly in recent years.
In the US, FSBO has plateaued at about 10 per cent of all sales, according to the country’s National Association of Realtors. The country has many websites offering low-price self-advertised sales, of which the newest is usrealty.com, launched by property entrepreneur Colby Sambrotto. It gives sellers free-of-charge online advertising, but if that is not considered proactive enough in today’s difficult market it also offers old-style estate agent support – printed sales material and possibly accompanied viewings – in return for a 3 per cent fee, roughly half the US norm.
“The old way of selling a home and paying 6 per cent commission is no longer relevant,” says Sambrotto. “The market is distressed and many owners under water [in negative equity]. When many homes are worth less than their purchase price, tacking on a full 6 per cent commission can further erode a seller’s profit or, worse, compound losses.”
Predictably enough, North American estate agents dispute the effectiveness of FSBO and claim their corporate marketing clout and expertise are good value at 6 per cent. “We have 3,000 unique visitors looking at 10,000 pages of real estate, day in day out,” explains Tim Harris, executive director of Tradewinds Realty in Canada. “We have a weekly email newsletter sent to 6,000 subscribers. We are affiliated or members of several global groups. FSBO sites and FSBO marketers can’t even join these marketing groups.”
Furthermore, says Patricia Tan of the Chicago-based US National Association of Realtors: “Realtors have access to in-depth market statistics not necessarily available to owners. Pricing a property requires not just information on what sold recently but whether it was a short sale or foreclosure, and how that affects the price of a non-distressed property.”
While realtors have effectively prevented FSBO growing above pre-recession levels in that region, in Europe the concept of private sales struggles to even get off the ground.
Several websites in the UK have offered completely free listings, with vendors uploading their own photographs and details and then handling their own viewings and negotiations. The result has often been amateur-looking, with too few entries for any one location to offer buyers a representative sample of homes on sale.
One of the relatively few Europeans to use FSBO was Nadia Jordan. More than a decade ago she sold her cottage in Dorset, 150 miles west of London, for £400,000 after paying for a small advertisement in a UK national newspaper. Jordan exchanged photographs with a keen prospective buyer who spotted the ad. “The process could not have been simpler. We never got as far as printing details. The whole deal was personal and friendly,” she says.
Jordan then moved to France and after “three wasted days with estate agents and nothing to show for it, save disappointment”, her daughter spotted an ideal home for sale, privately, on the internet. It cost €350,000 (£282,000). “The French owners – a doctor and an occupational therapist – couldn’t have been more helpful. Everything fell into place,” she says.
Jordan – who had no previous experience in the property industry – then decided to set up her own buying agency called Foothills of France, assisting foreign purchasers in the Midi-Pyrénées region. She says if any European location sees FSBO take off, it will be France. “There have for years been private advertisements in local newspapers and now there are websites such as www.entreparticuliers.com and www.seloger.com with thousands if not hundreds of thousands of private house sales,” she says.
For now, however, FSBO remains a rarity in Europe and a minority activity in the spiritual home of free enterprise, North America. In Australia it struggles and in Asia there are only a handful of websites offering the service. In every housing market, professional realtors continue to dominate.
Estate agents may be derided by some who see them as low-skilled high-earners but the broader public appears reluctant to avoid them completely – at least when they appear to offer a chance to sell homes for the highest possible figure to the widest possible market.
……………………………………………………………..
Contacts
● US
● Canada
● UK
● Europe
www.for-sale-by-owner-europe.com
● Asia
……………………………………………………………..
Case study: for sale by owner (FSBO) success
Gisella and Ricardo Benitez’s four-bedroom home
Gisella and Ricardo Benitez are candid about why they sold their four-bedroom home in Pasadena, California, through private sales website Owners.com – it was down to money.
“The house was on the market for $1.399m. We paid $80 to upload images and a description to the website and another $800 for it to be featured on a multi-listings service, which gives much greater marketing exposure. We sold for $1.358m, about 3 per cent below the advertised price, within a week of putting our house on the site. And it was all for under $1,000 of our money,” explains housewife Gisella.
If they had used a traditional realtor, charging the local norm of between 3 and 5 per cent commission, they would have paid $40,000 to $68,000.
“My husband’s an attorney, not in real estate, so he read through all the documents,” says Gisella. “I visited similar homes nearby to calculate an asking price, then prepared a description, handled email enquiries and arranged viewings after the house appeared on the site. Our buyer is from Chicago and initially he sent his realtor to view on his behalf and then the buyer arrived in person a few days later.”
The couple, who have children aged 12 and eight, rejected the buyer’s first offer but went into emailed negotiations until the eventual sale price was agreed. They are now renting while searching for a home to buy.
Gisella urges all sellers to try FSBO and says her success has had an unexpected side effect: “Friends selling their homes now want me to do the negotiations for them.”
Banks turn to "short sales" in Michigan as home foreclosure rates continue to …
The number of foreclosure filings dropped 28 percent in April compared to a year ago.
Daren Bloomquist with Realty Trac said a big reason for the decline of homes being repossessed is that banks are turning more and more to “short sales.” A short sale is where a mortgage lender allows a property to be sold for less than the amount owed on a mortgage and takes a loss.
“Based on other data we’re looking at that’s a trend that’s going to continue this year. Short sales are going to become a much more attractive alternative to more lenders,” said Bloomquist.
The nation’s five largest mortgage lenders Ally Bank, Citibank, Bank of America, Wells Fargo and JP Morgan Chase have significantly stepped up their use of ”short sales.”
Earlier this year the five mortgage lenders agreed to pay $25 billion as part of a national settlement of claims of abuse in the mortgage and foreclosure process.
Michigan is getting about $800 million from the settlement.
Oklahoma commercial real estate value grows with subsurface energy, office …
OKLAHOMA CITY — A largely unseen business has helped fuel Oklahoma’s economic power alongside commercial real estate’s steady contribution.
Oil and gas drilling and mining have accounted for 10 percent of the state’s gross domestic product the last three years. From 2003 to 2008, subsurface energy development grew from 7 percent to 14 percent. The figure fell as the recession kicked in, then stabilized.
The growth essentially was a reverse of the decline from 1981 to 1986, when an oil, gas and mining boom busted — falling from close to 16 percent to about 7.5 percent.
Realty executive Ford Price presented the figures from the U.S. Bureau of Economic Analysis at the recent Mayor’s Development Roundtable.
“It’s interesting the similarity that we now have to the 1980s, but I think it is equally clear that the quality and capitalization of the companies generating that GDP are vastly different than the 1980s,” Price, managing partner at Price Edwards Co., said at the event Thursday at Cox Convention Center.
Oil and gas have powered Oklahoma’s economic growth the past several years, The Oklahoman reported (http://is.gd/3kv7ol).
Price said that Oklahoma City has seen more commercial office space become occupied than vacated each year since 2006, except for 2009 — the depth of the recession.
Over the past five years, about 200,000 square feet of office space has been absorbed in downtown Oklahoma City, which Price said is a “great sign” for the area. However, the central business district has had an equal number of positive and negative years since 1986, he said.
Class A space downtown has only an 8 percent vacancy rate, and Class B has 14.9 percent vacancy. Class C, which includes older properties, is 51.5 percent vacant. That classification is dominated by the long troubled 1 million-square-foot First National Center.
“This really tells the tale of downtown right now. … The Class A and B buildings are doing quite well. The older Class C properties, the oldest of which is obviously First National Center, where we really have some challenges, some solutions need to be found,” Price said. “It will be very interesting to see what happens between now and the May 27 refinancing deadline for First National Center.”
From 2006 to 2009, vacancy in suburban Oklahoma City went from 21.6 percent to 8.8 percent in Class A properties. Class B hovered between 10 percent and 12 percent vacant, while Class C went from 16.6 percent vacant to 29.5 percent.
“The bottom line is that if you’re a quality large tenant looking for space, it’s going to be a tight market,” Price said.
___
Information from: The Oklahoman, http://www.newsok.com
REO Properties: Responsibilities, Education, and Opportunities for Real Estate …
With real estate owned (REO) properties numbering in the millions, agents vying for new business opportunities will find an abounding REO market. With the right insurances in place, brokers will be able to both support their agents’ REO business while amassing new and successful real estate transactions throughout the year. With every new real estate niche, however, education is paramount to prosperity.
To address this need for advanced REO training, The Real Estate Buyer’s Agent Council (REBAC) teamed up with Ed Bugos, ABR®, BPOR, SFR®, a knowledgeable REO business specialist and instructor, to bring real estate professionals a comprehensive course on the expectations of REO business, titled REO Properties: Responsibilities, Education, and Opportunities for Real Estate Professionals.
Bugos offers the following tips to help answer your questions and assist you in creating an REO-specific plan for your brokerage.
What is a common misunderstanding about REO business?
A common misunderstanding is that a general real estate transaction business model can support yearly REO business. The truth is your brokerage could incur thousands of dollars in unexpected expenses come the end of the year without having the back-end transactional framework in place to support REOs.
What value can brokers gain by learning about REOs?
When an agent completes his/her first REO, the broker and brokerage must be prepared to handle any transactional issues that may occur. Plus, the more education brokers and agents receive, the smoother the business will be.
What future do you see in the REO market?
My best educated guess is that after the presidential election year, the REO market will get stronger and longer through 2015 and 2016. It looks to me like the market is readying for another REO flood, but, we’ll have to wait and see.
You’ve taught several REO Properties courses so far. How has the response been?
It’s exceeded my expectations. There is so much excitement from my end to teach and the students’ end to learn. Here is a true testament to this course. A student of mine had already completed an REO, but explained that the entire transaction process was complicated and extremely stressful. As I went through the policies and procedures associated with REO transactions, I kept hearing “Ah-ha!” It was a welcoming confirmation that a piece of important information had, until that moment, been a mystery to her and, subsequently, her broker.
What advice would you offer to brokers?
Be trainers within your company. Understand what your agents are doing or what they are up against and have a plan in place to back their business. If you know your agents are exploring different real estate opportunities, encourage them and become the source of knowledge.
Covering a range of topics, the REO Properties: Responsibilities, Education, and Opportunities for Real Estate Professionals course counts as an elective credit toward earning the Accredited Buyer’s Representative (ABR®) designation.
Students interested in signing up for the new course can visit training4RE.com to find a course in their area or log onto rebac.net to learn more.
A wholly-owned subsidiary of the National Association of REALTORS® (NAR), The Real Estate Buyer’s Agent Council (REBAC) is the world’s largest association of real estate professionals focusing specifically on representing the real estate buyer. With more than 30,000 active members, REBAC awards the Accredited Buyer’s Representative (ABR®) designation to REALTORS® who work directly with buyer-clients. To learn more visit REBAC.net.
Rented home doesn’t pay the mortgage — now what?
Real Estate Matters, Tribune Media Services
10:55 a.m. CDT, May 19, 2012
The good and the bad of the new home foreclosure numbers
The good and the bad of the new home foreclosure numbers
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LOS ANGELES, Cali. (AP) – Foreclosures nationwide are going down, but seizures in some states could go up in the near future.
Foreclosure listing firm RealtyTrac says the number of U.S. homes taken back by lenders dropped 7 percent in April from the previous month.
That’s the third consecutive monthly decline. But in 26 states, courts are required to sign off on foreclosures, and seizures in those states could increase as lenders play catch-up.
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