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Recent reports indicate that there has been a sharp drop in the sale of foreclosed homes. The Wall Street Journal reported that listings of foreclosed properties have fallen in 17 of the last 19 months through July, according to a research by Zelman & Associates. These listings are down 47% from their October 2009 peak and by 23% in the last year. This has come as a surprise given that there was an expectation that the market would be flooded by foreclosed homes after the recent state of the economy. On the other hand, there has been an increase in (4 comments)
The economy and the national housing industry are both crawling to recovery, some days they crawl faster and some days they crawl slower. Of course, these ‘national’ issues are regularly conceptualized as a single, titanic, slow-moving project. Regular citizens often hear updates on one or the either, but the relation between the two is still a bit ambiguous. We assume when one improves, the other will follow.
Jon Prior of Housingwire.com reported that in the future, the relationship between the two will be more important than ever. With REO numbers still at staggering levels and (0 comments)
So, now you scratching away. (Scratching The Itch To Invest In Foreclosures)
Are you solo in your efforts to invest in distressed real estate? Do you have contacts for foreclosure investing? Or are you surrounded by peers in the Chicago real estate investment community? Do you know REO Realtors? Have you met real estate agents that specialize in distressed properties, including short sales, estate sales, REOs, bank-owned properties, and foreclosures? Who is a good home inspector that you can work with to provide guidance on a property? If you are not a contractor, who will you call on (0 comments)
In an earlier post, Not All REO Brokers Are Created Equal, some of the differences between REO Brokers and non-REO brokers were identified. Adam Wavrunek, Domain Realty's owner, highlighted what responsibilities he has to deal with since he is an approved Fannie Mae vendor for Fannie Mae REOs. To the general public, they may not realize that REO brokers and Realtors are quite different from Short Sale Brokers and Realtors. Compared to the hands-on 'field' responsibilities of maintaining REO homes, condos and income properties until they are sold, many times short sales are real estate which remain occupied (0 comments)
reo: Not All REO Brokers Are Created Equal - 07/14/12 11:23 AM
Earlier this week, I was speaking with Adam Wavrunek, Domain Realty's owner, about the process of being an REO broker and specifically be recognized by Fannie Mae as one of a select few firms to handle their foreclosures. Adam expressed to me that the 'privilege' of handling Fannie Mae REOs is extremely intense, very hands-on and required him to hire additional staff (not Realtors) to address the 'field' responsibilities of maintaining these properties until they are sold. Needless to say, it became quite clear to me in this call that to the uninformed, it would appear to be easy to be (3 comments)
reo: Fannie Mae REO inventory drops 27% in 2011 - 03/02/12 07:51 AM
Year-end inventory of foreclosed residences held by FNMA (Fannie Mae) dropped for the first time in since the great housing recession of the 21st century. In 2011, REO inventory dropped 27% to approximately 118,500. Given that 23% of the REO inventory held by Fannie Mae is located in California, followed by Florida at 11.5%, this is definitely a good sign, provided new foreclosure filings and repossessions don't ramp back up the REO inventory levels.
Also of note, Fannie Mae SOLD more REOs than it took in. More specifically, the report indicated that in 2011, Fannie Mae acquired nearly 200,000 properties (1 comments)
reo: Chicago Is A Close 2nd - 01/11/12 08:19 PM
Although 2012 is barely underway, it is only January and the news in the housing market is either disheartening or encouraging. It all depends on your perspective. For homeowners, the prospect of the more foreclosed properties coming back into the market is anything but welcome news. The potential impacts: pressure on existing market prices pushing sellers into short sale territory, existing sellers competing with distressed properties, shifting buyer attitudes towards the acceptance of distressed properties in lieu of conventional sales, deterioriating neighborhoods due to a reduction in owner occupants. On the other side of the equation are investors and neighborhood advocates (0 comments)
While there are many misconceptions around distressed real estate, a recent article highlighted a couple of the better distressed real estate myths. Myth: Distressed properties are all alike and therefore the price is similar. Truth: Not so, says Adam Warvunek, Broker/Owner of Domain Realty, Chicago, IL. "Each and every REO that we deal with has its own unique characteristics. Some need a complete gut-rehab where others only need a new owner to move-in and live there," said WavrunekMyth: Bank-owned property and short sales transact just like a property being sold by a normal non-distressed owner and are logical proceedings on (5 comments)
reo: Foreclosures Decline Nationally - 07/20/11 09:50 PM
Based on a recent report from RealtyTrac, the foreclosure actions in the U.S. by banks fell in June 2011. The number of homes taken back by banks in June 2011 fell 19.5% compared with June 2010. Specifically, the report noted that investigations into repossession and mortgage servicing practices continue to slow the country's foreclosure machinery. Every day, more and more lawyers are seeing the potential dollar signs associated with foreclosure defense and steering cliens through short sale transactions. Then, when adding in the 24-7 media as well as the internet, the proliferation of information available to citizens and they become more (2 comments)
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.