Finding Real Estate Deals When Distress Dries Up

Finding Real Estate Deals When Distress Dries Up

Interest in foreclosures is heating up in 2017 even as the foreclosure market dries up.

“The REOs that come on, they are not that far off from the traditional stuff. Back in 2007 you were getting 20 percent off the actual value. … Now you have them selling for 5 percent off, if that,” said Leland DiMeco, owner and principal broker at Boston Green Realty.

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U.S. Foreclosure Activity in April 2017 Drops to Lowest Level Since November 2005

U.S. Foreclosure Activity in April 2017 Drops to Lowest Level Since November 2005

IRVINE, Calif. – May 11, 2017 – ATTOM Data Solutions, curator of the nation’s largest multi-sourced property database, today released its April 2017 U.S. Foreclosure Market data, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 77,049 U.S. properties in April, down 7 percent from the previous month and down 23 percent from a year ago to the lowest level since November 2005.

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Loan Pay-Offs Hit Three-Year Low

Loan Pay-Offs Hit Three-Year Low

As further evidence that the era of refinancing is ending, Black Knight Financial Services says that prepayment speeds (the SSM rate), historically a good indicator of refinancing, declined 15 percent in February.  In its regular "first look" at mortgage performance activity for the month, the company says that this is the lowest monthly rate for prepayments in three years, and brings the total decline thus far in 2017 to 40 percent.

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Night of the Undead . . . Mortgages (Zombie Mortgages)

Night of the Undead . . . Mortgages (Zombie Mortgages)

Spoiler alert! The zombie apocalypse in this article was not caused by a top secret government experiment, well-intentioned vaccination protocol, or ancient (and very cold) magic. The zombies discussed in this article were created by men and women garbed in Brooks Brothers (ok, probably Joseph A. Banks) and Anne Taylor. The zombies in question were created by stalled and abandoned foreclosure actions as well as a bank’s unwillingness to initiate foreclosure.

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Serious Delinquency Rates Tick Up

Serious Delinquency Rates Tick Up

Serious delinquency rates on 1-4 family mortgages rose over the 4th quarter of 2016 from the previous quarter. According to the National Delinquency Survey (NDS) released by the Mortgage Bankers’ Association (MBA), the proportion of mortgages seriously delinquent, those that are 90 or more days delinquent or starting the foreclosure process, rose 17 basis points to 3.13 percent.

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U.S. Distressed Sale Share Drops to Nine-Year Low in 2016

U.S. Distressed Sale Share Drops to Nine-Year Low in 2016

 ATTOM Data Solutions, curator of the nation’s largest fused property database, today released its Year-End 2016 U.S. Home Sales Report, which shows 16.2 percent of single family home and condo sales in 2016 were distressed sales — bank-owned sales, short sales or foreclosure auctions sold to third-party buyers — down from 18.8 percent of all sales in 2015 to the lowest level since 2007, a nine-year low.

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