Oh Happy Day....Shadow Inventory Shrinking - 09/29/11 09:58 AM
Great news.....The industry’s shadows are shrinking, according to CoreLogic's most recent report.
Data Highlights:
The shadow inventory of residential properties as of July 2011 fell to 1.6 million units, or 5–months’ worth of supply, down from 1.9 million units, or a 6-months’ supply, as compared to July 2010.
Of the 1.6 million properties currently in the shadow inventory, 770,000 units are seriously delinquent (2.2-months’ supply), 430,000 are in some stage of foreclosure (1.2-months’ supply) and 390,000 are already in REO (1.1-months’ supply).
As of July 2011 the shadow inventory is 22 percent lower than the peak in January 2010 at 2 … (1 comments)

CMBS Loan Delinquencies in the US Down to 9.01% - 09/29/11 09:47 AM

The delinquency rate on loans held in U.S. commercial mortgage-backed securities (CMBS) fell 23 basis points in August to 9.01 percent, according to Moody's Investors Service. Even with a slip in the numbers, Moody's notes that August was the eighth consecutive month that delinquencies have been above the 9 percent mark. The resolutions of delinquent loans continued to exceed new delinquencies last month, with $4.1 billion in resolutions versus $2.6 billion in newly delinquent CMBS loans. Total outstanding CMBS issuance stands at $599.5 billion.

Summary by property type:

1. The hotel sector saw the greatest improvement in its … (0 comments)

Mortgage Loan Fraud Suspicious Activity spikes 88% - 09/29/11 09:33 AM
Financial institutions filed 29,558 mortgage loan fraud suspicious activity reports in the second quarter of this year, up from 15,727 last year, according to a report released Wednesday by the Financial Crimes Enforcement Network. A large majority of the MLF(Mortgage Loan Fraud) SARs(Suspicious Activity Reports) examined in the second quarter involved mortgages closed during the height of the real estate bubble. The upward spike in second quarter MLF SAR numbers is directly attributable to mortgage repurchase demands and special filings generated by several institutions. For instance, FinCEN noted that 81 percent of the MLF SARs filed during the quarter involved suspicious … (3 comments)

OCC Requires 4.5M Foreclosures to be reviewed, and Complaint Process for borrowers - 09/20/11 10:21 AM
The Office of the Comptroller of the Currency (OCC) is calling for independent reviews of almost 4.5 million loans. After examining 200 loans from each of 14 major servicers, regulators determined enforcement actions were necessary, but said their review was not nearly enough to answer all questions.
In addition to assessments of individual cases, the OCC is implementing a complaint process for borrowers who feel they faced financial harm as a result of an improper foreclosure action.  Consumers can contact the bureau through its Web site, consumerfinance.gov, or by phone at 855-411-2372.  Consumers may use the FFIEC site to identify a financial … (1 comments)

REO Inventory Down 17% - 09/20/11 10:15 AM
Banks held about 476,000 homes that they repossessed from delinquent mortgage borrowers as of the end of July, according to Barclays Capital. That tally represents a 17 percent contraction from 574,000 REOs on the books just 10 months earlier, in September of 2010, just as the robo-signing scandal started. 
At the same time, the research firm estimates there were 1.57 million home loans 90-plus days delinquent but not yet in foreclosure at the end of July of this year, and another 1.91 million already in the foreclosure process. Barclays says the rise in processing times has been driven almost entirely by … (4 comments)

Freddie Mac Not Offering Investors Discounts On Bulk Sales - 09/19/11 09:50 AM
Freddie Mac sent a letter to investors regarding bulk sales of foreclosed homes. According to the letter to investors obtained by American Banker, Freddie Mac does not intend to offer discounts on bulk purchases on any of their 60,569 REO properties.
The GSE offers investors the opportunity to purchase properties in bulk from HomeSteps - a division of Freddie Mac that offers sales of the GSE's foreclosed properties. The GSE is requiring a letter of intent from any interested investors before entering into any bulk sales transactions. Interested investors must first complete a questionnaire and submit a letter of interest. If approved, an investor … (1 comments)

US and UK Banks drawing up "Living Wills" - 09/11/11 11:09 PM
Tuesday, U.S. regulators are set to unveil a final rule that requires banks and some other large financial companies to write "living wills" that provide a road map for how they could be quickly liquidated if they run into trouble. The rule applies to banks with more than $50 billion in assets -- a group that includes giants such as Bank of America and Goldman Sachs -- and to other large non-bank financial firms. The rule is required by the 2010 Dodd-Frank financial oversight law, and the Federal Deposit Insurance Corp (FDIC) board is scheduled to vote on September 13th on … (1 comments)

Federal Reserve releases Beige Book, A Summary of Commentary on Current Economic Conditions - 09/07/11 08:51 PM

Summary of Commentary on Current Economic Conditionsby Federal Reserve DistrictSeptember 7, 2011 
Real Estate and ConstructionResidential real estate activity remained weak overall, although a few Districts noted some slight improvements. Contacts in the Boston, Atlanta, Minneapolis, and Dallas Districts reported an increase in home sales over the previous year's weak levels; however, the uptick in the Atlanta District was concentrated mainly in Florida. The remaining Districts all reported stable or slower sales from the previous survey period, with several citing greater economic uncertainty as the primary cause. Both the New York and Philadelphia Districts reported that a growing backlog of … (1 comments)

FDIC Announces Launch of Investor Match Program - 09/07/11 08:41 PM
The Federal Deposit Insurance Corporation (FDIC) announced the launch of a new program to encourage small investors and asset managers to partner with larger investors to participate in the FDIC's structured transaction sales for loans and other assets from failed banks. The Investor Match Program will help to facilitate partnerships in order to bring together sources of capital and expertise. Participants in the program will use a customized database to identify potential collaborations, which will be identified at the sole discretion of the participating firms. The FDIC believes in the value of facilitating a cooperative solution between large investors and small investors … (0 comments)

Forbes National list of recession-resistant cities for real estate include Fort Myers-Lee County, FL - 09/01/11 09:14 AM
Real estate professionals and other observers in Southwest Florida, believe there has been a clear stabilization in pricing for 2011.
Teaming up with Zillow.com, the real estate analysis site, Forbes calculated median sales prices by quarter for homes, condominiums and apartments at all price points in more than 154 communities nationwide. It reflects the 25 cities welcoming steady home price gains each consecutive month since the start of 2011. These are not places where the economy as a whole is necessarily rebounding; they are places where, regardless of unemployment rates and other economic woes, real estate markets are showing some positive improvement.
… (0 comments)

 
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Paige Rausch

Fort Myers, FL

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Boback Commercial Group

Address: 10491 Ben C.Pratt/Six Mile Cypress Pkwy, Suite 203, Fort Myers, FL, 33966

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