Las Vegas, California - Bank Owned Homes and Foreclosures

Orange County, CA Update

Joe Iuliucci — Mon, 01 Mar 2010 11:32:00 GMT

Orange County home sales for less than a residence’s total debt increased 33.8% in January from the year before, Southern California Multiple Listing Service figures show.

The listing service reported that 487 of January’s deals were “short sales” — or sales in which the purchase price is less than mortgage balance. That’s nearly 28% of all Orange County resales traded through the MLS.

At the same time, bank-owned foreclosed homes sold that month fell nearly two-thirds from the previous January to 293 transactions — a 62% drop.

In January 2008, nearly 800 bank-owned homes were sold, accounting for half of all homes sold through the MLS. This past January, they made up 16.8%.

The combined total for all types of “distressed sales” accounted 49.3% of all MLS deals this past January, compared to 77% a year earlier. The SoCal MLS reported that distressed sales totaled 862 in January, down 27.6% from the previous January’s total of nearly 1,200.

Here are the SoCal MLS figures for distressed sales for the past 13 months:

Month	ShortSales	BankOwned	Other	Total
Jan	364	772	55	1,191
Feb	294	658	24	976
Mar	346	772	43	1,161
Apr	392	701	33	1,126
May	401	684	43	1,128
Jun	468	595	33	1,096
Jul	448	595	35	1,078
Aug	459	495	39	993
Sep	477	412	23	912
Oct	530	443	37	1,010
Nov.	405	361	30	796
Dec.	547	372	37	956
Jan	487	293	82	862

HUD Homes - Get free listings of HUD foreclosures in your area! Save thousands on your next home or real estate investment property.

Joe Iuliucci — Fri, 12 Sep 2008 04:18:00 GMT

Whether you are an experienced investor or new homebuyer, buying foreclosed properties from the United States Department of Housing and Urban Development (HUD) is a great way to make money in the real estate market.

Many of these HUD homes are now being offered for a fraction of their market value – sometimes 30-50 percent!

According to its Web site – www.hud.gov – the Federal agency is responsible for national policy and programs that address America's housing needs, improve and develop the nation's communities, and enforce fair housing laws.

When homeowners with HUD-insured mortgages default on their home loans, HUD forecloses the properties and sells them to the general public at public auctions. HUD wants to sell these properties quickly to recover as much as possible on its investment.

That's the reason you can find great properties for dirt-cheap prices. And, you can find these outrageous deals on Foreclosure.com every day without paying a penny.

In addition to offering America's largest and most accurate searchable database of foreclosed properties, Foreclosure.com provides you with helpful links and resources to help you learn everything you need to know about the foreclosure process and buying a HUD home.

No special commitments are required to buy a HUD home. However, you do need to work with a HUD-approved broker. For your convenience, Foreclosure.com gives you all of the available contact information for these homes with each listing.

We make searching easier! search http://www.hudhomesonline.com

HOUSING: Foreclosure numbers double from a year ago

Joe Iuliucci — Fri, 12 Sep 2008 04:16:00 GMT

Foreclosures in North County more than doubled in August from the same month a year ago, according to a report released Thursday.

The rate of properties entering foreclosure in the region was essentially flat from the last few months with about 640 homes going back to banks and about 1,000 houses entering foreclosure, according to a data release by ForeclosureRadar, a Northern California research firm.

While bank-owned foreclosures doubled, the rate of new foreclosure notices, known as notices of default, jumped by only 43 percent from the same month a year ago, the smallest year-over-year increase since November 2007.

But that might not mean an end to North County's foreclosure process, as the rate remains high by historical standards and the drop in percentage increase from a year ago is mainly because of a leap in August 2007 numbers from the previous month, not a decrease in last month's numbers.

Oceanside, Escondido and Vista led the way in foreclosures, representing 64 percent of all North County bank seizures.

ForeclosureRadar also showed that foreclosures across the county mirrored North County's rate, as total filings in San Diego County, including bank seizures and initial foreclosures, increased 79 percent in August from a year ago.

In all, 7,652 properties received a foreclosure filing in August, according to the report.

Foreclosure rates leaped similarly across the state, leading reluctant home buyers to jump back into the real estate market, according to a report Thursday by the California Association of Realtors.

In the association's survey, 69 percent of home buyers said that price declines contributed to their decision to purchase.

And 40 percent said low interest rates allowed buyers to move to a better location. That number could increase as mortgage rates have fallen more than half a percentage point during the last week following the government takeover of mortgage giants Fannie Mae and Freddie Mac.

City (North Las Vegas) offers free foreclosure workshop

Joe Iuliucci — Fri, 12 Sep 2008 04:12:00 GMT

North las vegas, Nevada - The city's office of housing and neighborhood services is holding a foreclosure education workshop from 10 a.m. To 5 p.m on Saturday at the Texas Station.

The City of North Las Vegas is holding a free workshop this weekend to help the workshop will present options available to homeowners facing foreclosure and will include opportunities for attendees to speak with foreclosure counselors. Personal information provided to foreclosure counselors will be kept confidential.

The workshop will provide basic information such as the definition of key financial and foreclosure terms, from deed-in-lieu to forbearance and short-sale.

Several local agencies will be on hand to provide information and resources to families facing foreclosure. Participating agencies include neighborhood housing services of southern nevada, consumer credit counseling, nevada fair housing, the department of housing and urban development, the nevada association of hispanic real estate professionals, nevada bankers' collaborative and the women's development center.

For more information, or to make a reservation, call the City of North Las Vegas Office of Housing and Neighborhood Services at (702) 633-1532.

Daniel Mudd on Foreclosure

Joe Iuliucci — Fri, 12 Sep 2008 04:08:00 GMT

This past February Daniel Mudd, the recently ousted president of the Federal National Mortgage Association ("Fannie Mae"), gave a speech to the National Association of Homebuilders in which he laid out plans to "weather the housing market crisis" (see below and the following three pages). Mudd told homebuilders that Fannie Mae's "prudent steps" to keep the mortgage market "stable, liquid and affordable" included "cutting our dividend" to investors (see Page 3). Mudd didn't mention his own sacrifices (according to the Washington Post, one month earlier the board had stopped paying his $100,000-per-year country club dues), but he predicted that the increase in defaults and foreclosures would take "at least another tough year to get through" (see Page 4).

Mudd explained that although the goal was "avoiding foreclosure at all costs," once all such efforts were exhausted, "our real estate team comes in and prepares to put the house on the market" (see Page 2). This mitigation effort, Mudd said, helped resell more than half the foreclosed properties that "came into our inventory" in 2007. The remainder "sit on the market driving down local home prices and property values" (see Page 3).

In his talk, Mudd stressed the importance of giving defaulting mortgage holders who face foreclosure "an exit with dignity" (below). On Sept. 7, the federal conservator who took over Fannie Mae foreclosed on Mudd. Mudd has hiredpolitically powerful Washington attorney Bob Barnett to negotiate his severance, which is expected to be a very dignified $9 million.

Foreclosure Activity Decreases 3 Percent in June According to RealtyTrac(R) U.S. Foreclosure Market Report

Joe Iuliucci — Sun, 20 Jul 2008 14:00:00 GMT

IRVINE, Calif., July 10, 2008 /PRNewswire via COMTEX/ -- RealtyTrac(R) ( http://www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its June 2008 U.S. Foreclosure Market Report(TM), which shows foreclosure filings -- default notices, auction sale notices and bank repossessions -- were reported on 252,363 U.S. properties during the month, a 3 percent decrease from the previous month but still a 53 percent increase from June 2007. The report also shows one in every 501 U.S. households received a foreclosure filing during the month.

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal's Real Estate Journal.

"June was the second straight month with more than a quarter million properties nationwide receiving foreclosure filings," said James J. Saccacio, chief executive officer of RealtyTrac. "Foreclosure activity slipped 3 percent lower from the previous month, but the year-over-year increase of more than 50 percent indicates we have not yet reached the top of this foreclosure cycle. Bank repossessions, or REOs, continue to increase at a much faster pace than default notices or auction notices. REOs in June were up 171 percent from a year ago, while default notices were up 38 percent and auction notices were up 22 percent over the same time period."

Nevada, California, Arizona post top state foreclosure rates

Despite slight monthly decreases in foreclosure activity, Nevada, California and Arizona continued to document the three highest state foreclosure rates in June.

Foreclosure filings were reported on 8,713 Nevada properties during the month, up nearly 85 percent from June 2007, and one in every 122 Nevada households received a foreclosure filing -- more than four times the national average.

One in every 192 California properties received a foreclosure filing in June, the nation's second highest state foreclosure rate and 2.6 times the national average.

One in every 201 Arizona properties received a foreclosure filing during the month, the nation's third highest state foreclosure rate and nearly 2.5 times the national average. Foreclosure filings were reported on 12,950 Arizona properties, down less than 1 percent from the previous month but still up nearly 127 percent from June 2007.

Other states with foreclosure rates ranking among the top 10 were Florida, Michigan, Ohio, Colorado, Georgia, Indiana and Utah.

California, Florida, Ohio report highest foreclosure totals

Foreclosure filings were reported on 68,666 California properties in June, down nearly 5 percent from the previous month but still up nearly 77 percent from June 2007. California's total was highest among the states for the 18th consecutive month.

Florida continued to register the nation's second highest foreclosure total, with foreclosure filings reported on 40,351 properties in June -- an increase of nearly 8 percent from the previous month and an increase of nearly 92 percent from June 2007. One in every 211 Florida properties received a foreclosure filing during the month, the nation's fourth highest state foreclosure rate and 2.4 times the national average.

Foreclosure filings were reported on 13,194 Ohio properties in June, the nation's third highest state foreclosure total. Ohio's foreclosure activity increased 7 percent from the previous month and 11 percent from June 2007. The state's foreclosure rate ranked No. 6 among the 50 states.

Other states in the top 10 for total properties with filings were Arizona, Michigan, Texas, Georgia, Nevada, Illinois and New York.

California and Florida cities account for 9 of top 10 metro rates

For the third month in a row, California and Florida cities accounted for nine out of the top 10 metropolitan foreclosure rates among the 230 metropolitan areas tracked in the report.

Seven California metro areas were in the top 10, and the top three rates were in California: Stockton, with one in every 72 households receiving a foreclosure filing; Merced, with one in every 77 households receiving a foreclosure filing; and Modesto, with one in every 86 households receiving a foreclosure filing. Other California metro areas in the top 10 were Riverside-San Bernardino at No. 5; Vallejo-Fairfield at No. 7; Bakersfield at No. 8; and Salinas-Monterey at No. 10.

The top metro foreclosure rate in Florida was once again posted by Cape Coral-Fort Myers, where one in every 91 households received a foreclosure filing -- fourth highest among the nation's metro foreclosure rates. The foreclosure rate in Fort Lauderdale, Fla., ranked No. 9.

Las Vegas continued to be the only city outside of California and Florida with a foreclosure rate ranking among the top 10. One in every 99 Las Vegas households received a foreclosure filing in June, more than five times the national average and No. 6 among the metro areas.

Metro areas with foreclosure rates among the top 20 included Phoenix at No. 12, Detroit at No. 13, Miami at No. 15 and San Diego at No. 17.

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month -- broken out by type of filing at the state and national level. Data is also available at the individual county level. RealtyTrac's report incorporates documents filed in all three phases of foreclosure: Default - Notice of Default (NOD) and Lis Pendens (LIS); Auction - Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is filed against a property during the month -- which is extremely rare -- only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

              U.S. Foreclosure Market Data by State - June 2008

                                 Properties with Foreclosure Filings
    Rate
    Rank    State Name           NOD     LIS      NTS      NFS      REO
    --   U.S.                  53,544  48,996    53,904  24,356    71,563
    40   Alabama                    2       0       354       0       418
    31   Alaska                     1       0       167       0        24
    3    Arizona                    7       0     8,646       0     4,297
    24   Arkansas                  55       0       874       0       197
    2    California            37,989       0    10,053       0    20,624
    7    Colorado                   9       0     3,034       0     1,835
    19   Connecticut                0   1,217         2     323        81
    34   Delaware                   0       0         0     147        67
         District of Columbia     188       0       252       0        79
    4    Florida                    0  25,107        28   9,680     5,536
    8    Georgia                   40       0     5,326       0     3,348
    45   Hawaii                    12       0       103       0        19
    21   Idaho                    469       0       103       0        94
    13   Illinois                   0   5,513        24     574     2,046
    9    Indiana                    0   1,434        29   1,925     1,463
    42   Iowa                       0       0       270       0       155
    36   Kansas                     0     116         5     257       221
    39   Kentucky                   0     192         8     314       217
    43   Louisiana                  0       1         2     417       164
    38   Maine                     99       0       143       0        34
    27   Maryland                   0   1,026        17     318       443
    20   Massachusetts              0     683        22   1,225     1,101
    5    Michigan               2,413       0     4,897       0     4,715
    29   Minnesota                 23       0       929       0       742
    44   Mississippi                0       0       201       0       138
    16   Missouri               1,543       0     1,049       0       860
    46   Montana                    2       0        81       0        11
    33   Nebraska                   0      34         6     318        77
    1    Nevada                 4,495       0     1,085       0     3,133
    26   New Hampshire              0       0       307       0       196
    14   New Jersey                 0   3,126         7   1,371       496
    37   New Mexico                 0     252         0      56        67
    32   New York                   0   3,751         7     752       857
    25   North Carolina         2,150       0       185       0     1,130
    50   North Dakota               0       0         0       0        11
    6    Ohio                       0   4,534        74   4,033     4,553
    30   Oklahoma                 350       0       462       0       361
    17   Oregon                   938       0       953       0       156
    28   Pennsylvania               0   1,066         6   1,647     1,341
    15   Rhode Island               0       0       399       0       194
    35   South Carolina             0     171        11     134       747
    49   South Dakota               0       0         1      22         6
    12   Tennessee              1,329       0     1,741       0     1,288
    18   Texas                    152       0     6,132       0     4,768
    10   Utah                     243       0     1,030       0       228
    47   Vermont                    0       0         6       0        27
    11   Virginia               1,033       0     2,695       0     1,527
    22   Washington                 2       0     2,048       0       692
    48   West Virginia              0       0        57       0        27
    23   Wisconsin                  0     773        17     843       730
    41   Wyoming                    0       0        56       0        22


                                  Properties with Foreclosure Filings

                                                     % Change   % Change
    Rate                                   1/every X   from       from
    Rank   State Name             Total    HH (rate)  May 08     June 07
    --    U.S.                  252,363      501      -3.40      53.28
    40    Alabama                   774    2,726     54.18*     21.70*
    31    Alaska                    192    1,440      12.28     143.04
    3     Arizona                12,950      201      -0.07     126.76
    24    Arkansas                1,126    1,131      -9.19      -8.75
    2     California             68,666      192      -4.54      76.97
    7     Colorado                4,878      429      -9.62     -14.50
    19    Connecticut             1,623      882      -0.49     -31.98
    34    Delaware                  214    1,789     -18.01    116.16*
          District of Columbia      519      545      33.08   2952.94*
    4     Florida                40,351      211       7.99      91.83
    8     Georgia                 8,714      444     -14.91      21.18
    45    Hawaii                    134    3,732     -17.28      18.58
    21    Idaho                     666      924     -17.57      19.78
    13    Illinois                8,157      637     -15.65      41.74
    9     Indiana                 4,851      568      -0.96      17.97
    42    Iowa                      425    3,107      -5.56      -7.00
    36    Kansas                    599    2,017     -12.94      65.01
    39    Kentucky                  731    2,583      -1.88      -9.19
    43    Louisiana                 584    3,134     -16.93     -17.40
    38    Maine                     276    2,504      14.05      61.40
    27    Maryland                1,804    1,275     -23.27     -17.70
    20    Massachusetts           3,031      894     -54.60      -2.76
    5     Michigan               12,025      375      -6.00      19.15
    29    Minnesota               1,694    1,348     -23.14      75.18
    44    Mississippi               339    3,662     83.24*     56.94*
    16    Missouri                3,452      760     -18.43      78.31
    46    Montana                    94    4,596     -31.39      25.33
    33    Nebraska                  435    1,781      35.09     180.65
    1     Nevada                  8,713      122      -3.29      84.52
    26    New Hampshire             503    1,173     -25.59      17.25
    14    New Jersey              5,000      695     -32.71       4.87
    37    New Mexico                375    2,267     -16.29    110.67*
    32    New York                5,367    1,473       1.78      21.62
    25    North Carolina          3,465    1,163      -8.48      78.33
    50    North Dakota               11   27,982     -50.00     -73.81
    6     Ohio                   13,194      382       7.31      11.07
    30    Oklahoma                1,173    1,370      -3.30      53.53
    17    Oregon                  2,047      775     29.56*    132.61*
    28    Pennsylvania            4,060    1,343      26.24      79.81
    15    Rhode Island              593      758       8.61     108.80
    35    South Carolina          1,063    1,859     -21.26     168.43*
    49    South Dakota               29   12,166      -3.33     -14.71
    12    Tennessee               4,358      615       3.94      30.13
    18    Texas                  11,052      835       9.83      29.64
    10    Utah                    1,501      600     12.35*    140.54*
    47    Vermont                    33    9,381   1000.00*    312.50*
    11    Virginia                5,255      615       8.87     203.58
    22    Washington              2,742      984       9.77      68.63
    48    West Virginia              84   10,450     100.00     -44.74
    23    Wisconsin               2,363    1,072      17.68     154.91
    41    Wyoming                    78    3,066      30.00     168.97

* Actual increase may not be as high due to data collection changes or improvements

Are Foreclosure Deals All They're Thought to Be?

Joe Iuliucci — Sun, 20 Jul 2008 13:52:00 GMT

Buying a home is a major investment, so it´s understandable that you want to get the best deal possible. With the housing market in a decline, and foreclosures on the rise, many people have the idea that buying a foreclosure could be the deal of a lifetime. While it´s possible to find a house in foreclosure for less than market value, making this kind of purchase is not a good idea for the real estate novice. There are a number of details to consider so that your supposed unbeatable deal doesn´t turn into a quick and painful loss.

Preparing Your Bid

Make sure you check with a local real estate agent before making a bid. The mortgage company wants to cover the balance on the loan plus any expenses they might have. If the home you are considering was overfinanced, however, or the market has dropped in that area, you may be better off buying a home that is not in foreclosure.

Another important thing to remember is that foreclosures are usually sold "as is." That means you want to cover yourself by inspecting the property before making an offer. If it isn´t possible for you to do an inspection first, you should have a provision in the contract that allows for an inspection prior to closing. Sometimes repairs are minimal, but if a homeowner doesn´t have the money to pay the mortgage, chances are there isn´t money for maintenance either. There are also instances where the owners intentionally damage the home or remove fixtures and appliances before moving out.

Calculate the Cost

Once you list necessary repairs, determine what the costs will be. This requires a little homework. Maybe you´re handy with home repairs. In that case, the price of fixtures or a couple of cans of paint may be all you need. If you´re not a handyman, or if the repairs are more involved, have a contractor give you an estimate. Find out what it will cost as well as how long repairs will take. Time is money. If you can't find a contractor immediately or if repairs will take an extended amount of time, you could be losing out.

Can You Flip It?

Flipping is when you buy a home at a low price with the intention of making the necessary repairs, then quickly sell it at a profit. It sounds great, but is often easier said than done. Before you consider flipping:

1. Know the Market. Putting lots of money into repairs might make the house more appealing, but you don´t want to put more cash into a home than you´ll be able to get back. That´s why it´s important to contact an agent that´s familiar with the local real estate market to help you out.

2. Have a Reliable Contractor. For every month the house isn't occupied, the mortgage payment has to come out of your pocket. Can you afford it if it takes three or four months for someone to complete repairs?

3. Consider Commissions & Fees. In addition to calculating the value of the home and the repairs, also consider the costs of selling the house. Since the seller typically pays for commissions, build that amount into your offer. Keep in mind, too, that sellers don´t normally get their original asking price. Leave some room for negotiating.

Keller Wiliams - REO ROUNDTABLE RECAP - Brought to you by Debbie Zois

Joe Iuliucci — Sat, 19 Jul 2008 16:34:00 GMT

REO Panel

Valerie Grijalva, Joe Iuliucci, & Sherry Walters.

Before writing an offer on a bank-owned property, what should an agent do?

1. Educate the buyer on the process – that it is longer because you are dealing with asset managers, servicing agencies and banks. There are many people involved in reviewing the offer, counter offers and signing off on a purchase agreement. There may also be numerous offers on a single property. Don’t set your heart on a property.

2. READ the MLS listing, especially the Agent/Agent comments! This is where you should find the latest information.

3. Contact the listing agent’s office and ask questions including:

a. Is the property still available

b. Are there any other offers

c. What addendums are needed (many listings will have these addendums as attachments already available for you)

d. If you will be showing the property on another day, call again and verify that it is still available.

e. Ask what terms are available. If a property indicates CASH/CONV only in the listing, it probably will not approve for FHA or VA, but you should double-check.

NOTE: The HUD website has very specific details about appraisals and property requirements. Here is a link that I hope helps http://www.hud.gov/offices/hsg/sfh/ref/chap1.cfm

When submitting an offer, what are REO listing agents looking for?

1. A clean offer that doesn’t “nitpick” and have numerous items or non-specific information. An example would be in the additional terms section, a request for a percentage of the sale price toward costs that doesn’t detail out what those costs are. It is preferred that each item is listed and specified, such as for a home warranty and actual cost, HOA resale package, etc. Be specific and don’t leave anything open for interpretation.

2. Include EMD! On personal checks, you can have the buyers write “Title Company” and then it can be deposited with the appropriate title company. On Cashier’s Checks, you may not know which company for several days. You will need to ask for the process on this.

3. Pre-qualify the buyers

4. Bring in your HIGHEST AND BEST offer the first time through! You are doing your buyers a disservice and potentially wasting a lot of time otherwise. You will not receive counter after counter from the bank! You may also want to notify the agent that you are making your best offer. So be competitive, analyze the list price and make your best offer. By bringing in good offers, with clean contracts, you are working toward establishing credibility with the REO companies and they will remember you!

5. READ THE BANK ADDENDUMS. In essence, these rewrite your contract, including seller closing costs! These addendums are written to cover all 50 states, so there may be items in them that do not apply. Again, ask questions if you are unsure how this addendum affects your particular transaction and terms.

6. If you are a new agent and/or have never done a bank-owned transaction before TELL THEM! They are willing to help you to understand the process and work to make the transaction a smooth one.

When I submit an offer, how long will it take for me to get an answer back?

This will depend on several factors, including which bank you are dealing with. Some things to note are:

1. A new listing may require “seasoning” as stated by Bryan Knight. This means it needs to be available for five days or more before the bank will consider offers, to allow enough exposure to the market.

2. When offers are submitted to the bank, they may tell the agent they will respond in a few days. It varies by bank.

3. Offers may be reviewed and then new offers may come in and change everything!

4. If your offer is not accepted, don’t expect that you will get an official rejection notification, especially if it is an unrealistic offer.

5. If you have buyers that are submitting offer after offer in hopes of having one “stick” – that information will eventually get through the grapevine. Nuff said.

What do you do if utilities aren’t on for an inspection?

1. Always verify that utilities are on BEFORE inspection. The utilities “should” be on in most cases. Things happen. Always check first.

2. If they are not on, notify the agent and find out when they will be turned on.

3. Some banks will not turn on utilities until under contract, especially gas.

4. If utilities are not on, it may be prudent to send an addendum that includes a request for utilities to be turned on for the inspection.

We processed everything on our end for the sale and wanted to close early. Why couldn’t we?

1. There may be “behind the scenes” activity that you are unaware of, specifically issues with the seller’s deed and HOA docs. This is a complex process (and I will not even pretend to understand it or explain it). Suffice it to say that the bank holds title around 50% of the time and it can take 7-10 days to get the deed signed off because not everything is processed locally. In cases where the bank isn’t holding title, there are attorneys (also possibly in other states) and recording processes that must take place first, and that could cause delays.

2. The other major issue is the HOA docs in lien situations (10-20 days or more!). This was explained in some detail that I didn’t write down.

3. It is unlikely that you will be able to close a transaction early so prepare your buyers for this! Don’t have them packing up their belongings and trekking across country so they can move into your spare bedroom until the deal closesJ.

4. Depending on the situation, the actual closing day could be delayed up to 30 days (it’s the deed thing again!).

5. It is highly recommended that you use a standard 45 day closing in your contracts. DON’T EXPECT AN EARLY CLOSING and be prepared for possible delays! You are dealing with banks, asset managers and servicing companies – it is a process.

How is the list price determined - BPO or appraisal?

This varies by bank. Some consider numerous factors in pricing including using more than one BPO and/or appraiser. Banks may also require 30-day updates on property pricing from the listing agent.

What do we need to know about escrow?

First American Title VP, Nevada Division, Valerie Grijalva informed us that her company is very much involved in bank-owned transactions. Here is what she shared:

1. Escrow officers are putting in long hours to process these deals. They must go according to the instructions that are in writing. Providing clear instructions (both easy to understand and legible) saves a lot of time and headaches.

2. Seller HUD approval can take some time.

3. Verbal acceptances can be used to open escrow with other specific details. I apologize that I didn’t write fast enough to get all this. You will need to get more clarification on this process.

4. Prorations must be TO THE DAY.

5. Refer back to the previous question about closing early, as Valerie was the one that gave the details on the seller’s deed and HOA issues. These all involve escrow.

MORE NOTES:

Home Warranties – Watch your addendums because a warranty can be removed during the addendum process and may need to be added back into the final addendum!

Repairs – Banks may do appraisal repairs

Uninhabitable properties – Consider rehab/203K loans

Investors & “assignees” - Banks may not accept “assignees” in contracts. All parties must be able to sign documents

Mortgage Insurance Company – Has the right to buy property at market price and may play a role in delays

Portals – these refer to the various computer systems with each bank that agents and escrow officers use to transfer documents and information back and forth (similar to our SureClose system).

Communication – ask questions, don’t assume anything. Remember that staying on top of the transaction is important to build a good relationship with REO agents.

So here’s the bottom line:

Call and ask questions
Review listing details
Write clean offers – complete and legible
Read addendums
Expect delays
COMMUNICATE, COMMUNICATE, COMMUNICATE
Be on the ball to get your offers accepted

Banks are looking at the “net” - that’s the bottom line

REO Agents & Brokers Needed

Joe Iuliucci — Fri, 25 Apr 2008 04:07:00 GMT

We have hundreds of reo clients searching daily for reo experts nationwide. Join http://www.4reoBrokers.com its FREE

What Goes Up, Must Come Down

Joe Iuliucci — Fri, 25 Apr 2008 03:51:00 GMT

It's no secret that the U.S. housing market is cyclical and in the midst of yet another painful correction. The causes and characteristics of these cycles vary, at least in some respects, but the implications for homebuyers, home sellers and homeowners remain remarkably reliable as the cycles roll by.

Housing cycles aren't all alike, yet over long periods of time a basic pattern can be discerned, says Mark Dotzour, chief economist of the Real Estate Center at Texas A&M University.

A cycle doesn't really have a start or a stop, but to pick a point at random, we might say that a housing cycle "starts" when economic activity heats up and interest rates rise. Higher interest rates make housing less affordable, so demand decreases and home prices fall. Then, as economic activity slows and interest rates decline, housing again becomes more affordable and, consequently, demand and prices go up. Then the cycle repeats. Housing tends to lead the economy and thus can be an indicator of future economic activity.

Subprime loans goosed demand for housing
The severity of the current housing cycle has been exacerbated, Dotzour explains, by two factors.

2 factors exacerbating the market's woes:

• Lenders flooded the housing markets with subprime loans that enabled borrowers who had poor credit to purchase homes they otherwise wouldn't have been able to afford. These risky loans were then securitized and sold to investors. Demand outstripped supply and prices rose too fast.
• When these risky borrowers weren't able to pay back their loans, the lenders cut off the easy credit. Builders, who had expanded to meet the new demand, couldn't stop building new homes fast enough to match the sudden disappearance of buyers. Supply exceeded demand and prices dropped too quickly.

"In this cycle, we had a real abrupt change in demand (because) a certain segment of the homebuying public, mainly subprime and Alt-A buyers, were just completely shut out of the market overnight," Dotzour says. "Then what happens is that you get too much inventory and prices go soft."

Exuberant investment added to housing market frenzy
Speculation by investors and homebuyers' expectations of a major financial payoff also make housing more volatile than other economic sectors, says Nicolas P. Retsinas, director of the Joint Center for Housing Studies at Harvard University. This factor can be represented along a continuum between consumption, or the purchase of a home primarily for personal use, and investment, or the purchase of a home primarily to generate a capital gain or profit.

Phoenix and Las Vegas are good examples of speculative markets in the current cycle, Retsinas says. In 2006, more than 30 percent of the homes sold in those two cities were purchased by investors rather than homeowner-occupants. Both cities had experienced rapid price appreciation and accelerated new-home construction, which were followed by sharply higher foreclosure rates.

Housing cycles can be challenging for people whose jobs are directly related to the volume of home sales or mortgage originations. In the two decades from 1980 to 2000, there were approximately 620,000 to 820,000 Realtors in the United States. That figure jumped from approximately 750,000 at the end of 1999 to more than 1.3 million last August, according to a recent commentary by Lawrence Yun, chief economist of the National Association of Realtors, or NAR. Due to last year's downturn in home sales, the association's membership "now is turning sharply lower," Yun wrote.

U.S. mortgage companies, which hired like crazy during the mortgage boom of the early 2000s, shed more than 111,000 jobs in the 12 months that ended Feb. 29, 2008, according to U.S. government data. More than 14,000 jobs were lost in the first quarter of this year alone, according to an industry newsletter. Large numbers of construction jobs have disappeared as well.

How supply and demand work
Housing markets are cyclical because "the relationship between supply and demand is not in equilibrium," says Retsinas. This lack of equilibrium results in booms and busts that recur in cyclical patterns of varying duration.

A real estate boom, or "seller's market," occurs when buyers want to purchase more homes than are for sale at current prices. These top-of-the-cycle markets typically are characterized by rising prices, multiple offers, fast sales, easy financing and expansion in new home building.

A real estate bust, or "buyer's market," happens when more homes are for sale than buyers want to purchase at current prices. Characteristics of these bottom-of-the-cycle markets typically include falling prices, slower sales, financing and affordability constraints, short sales, foreclosures and a contraction in new home construction.

Home prices turn up and down over time
U.S. median home prices have climbed steadily upward each decade for at least the last 40 years. In 1987, for example, the national median was $85,600. Ten years later, in 1997, the median was $126,000, and 20 years later, in 2007, the median was $219,000, according to the NAR. But home prices also experienced a severe downturn in the early 1990s and, most recently, a major boom in the mid-2000s.

Median home prices

	1987	1997	2007
January	$82,900	$123,400	$209,300
February	$85,600	$121,200	$212,400
March	$85,200	$123,700	$216,200
April	$86,000	$124,700	$219,300
May	$86,000	$128,000	$221,900
June	$85,900	$131,400	$229,200
July	$88,300	$131,000	$228,500
August	$86,500	$131,600	$223,700
September	$85,500	$131,300	$208,600
October	$84,600	$129,300	$204,800
November	$85,000	$129,500	$207,300
December	$85,400	$131,400	$205,000

Source: National Association of Realtors

Prices naturally fluctuate from month to month due to seasonality and other factors. Median prices are a relatively crude instrument, because they aren't adjusted for inflation, lump numerous local markets into broad geographical areas and don't account for variations in the mix of homes sold, a weakness that can tilt the median upward or downward. Nonetheless, median prices often are looked to as a broad measurement of housing market trends.

Bargains may be opportunities for buyers
The chief risk that cyclicality poses for homebuyers and sellers is that local home prices may fall further as the cycle deteriorates.

Whether the current phase is a prudent time to buy depends on an assessment of future prices. Two indicators -- builders' concessions and loan delinquencies -- may suggest prices have bottomed out, according to Dotzour.

2 indicators that prices have hit bottom

• Concessions. The "most fundamental" indicator is whether homebuilders are still offering price concessions and extra amenities to buyers. As long as concessions are on offer, buyers should be wary, he suggested. Yet builders' concessions can be very attractive, especially for buyers who plan to own their new homes for at least a couple of years.

"If you are going to stay more than two years, now might be a good time to buy one of these heavily discounted homes on which builders are offering major concessions ... The supply and demand situation is liable to correct itself within about 24 months or so, and at that point, those concessions will be gone," Dotzour says.
• Delinquencies. Another indicator is the rate of late payments on subprime mortgages. Because the delinquency rate on each "graduating class" of mortgages tends to peak about 18 months to 24 months after the loans were originated, the mortgages from 1999 to 2005 have already peaked, the class of 2006 is starting to peak and the class of 2007 is "still going through the roof with no sign of abating," Dotzour says. There is no class of 2008 because such mortgages have been virtually extinct this year.

"The party stopped in about July 2007, so if you take that out 18 months, that's the spring of 2009. At that point, the last class of subprime mortgages will have peaked in terms of delinquency ... so the pressure on prices coming from foreclosures is likely to peak" at that time or perhaps in another 90 days, Dotzour says.

Don't sell just to escape price declines
These indicators may also help sellers who've decided to wait a while before they put their home on the market. Discretionary sellers may be able to capture a "normal" price once builders have reduced their inventory and banks have sold off their supply of foreclosed homes. That "normal" price will be "lower than it was a year and a half ago, but not subject to artificial discounts from builders" or the effects of cut-rate bank-owned properties, Dotzour says.

Home sellers also need to consider what they intend to do with the proceeds of their home sale, Retsinas says. Those who plan to reinvest in another property, perhaps in a lower-cost market, may be able to recoup some of the reduced value on their current home through a lower price on their next residence.

Despite the inherent cyclicality, it's extremely difficult to "time" housing markets. Turning points are rarely apparent until after the fact, Retsinas says, and because all real estate is local, national trends may be meaningless in many markets. Even today, some housing markets have strong demand, little supply and prices on the upswing.

Homeowners who plan to stay put needn't worry much about housing market cycles, experts agree. "Over the long term," Retsinas concludes, "residential real estate does OK."

S. California Foreclosures Increase 18 Percent in March 2008

Joe Iuliucci — Sun, 13 Apr 2008 23:37:00 GMT

Los Angeles, CA, April 08, 2008 --(PR.com)-- Default Research, the premier provider of foreclosure real estate data in Southern California, is reporting that Notice of Defaults and Notices of Trustee Sales were up approximately 32,800 last month.

According to Default Research (www.defaultresearch.com), the Inland Empire was the hardest hit region in Southern California in March 2008. In Riverside County, 7.9 percent of homes faced foreclosure and in San Bernardino 6 percent of homes entered the foreclosure process.

“Housing inventories continue to increase while median home prices are still declining,” said Serdar Bankaci, founder of Default Research. “However, for the savvy investor armed with the Default Research foreclosure lists, there are deals to be made. Those with the cash or credit can snatch up a nice portfolio of homes and turn them into rental properties. Residential vacancy rates are low and rents appear to be going up.”

Below is a unique and accurate local look at how the Default Research foreclosure statistics affect your area:

Los Angeles Foreclosures – Hardest hit cities Los Angeles (2060), Lancaster (869), Palmdale (852), Long Beach (499) and Santa Clarita (264)

**Note: Although Los Angeles County did not have the highest percentage of households in foreclosure, the number of Notice of Defaults and Notice of Trustees Sales in Los Angeles Counties increased to more than 10,000 for the first time according to Default Research.**

Orange County Foreclosures - Hardest hit cities Santa Ana (629), Anaheim (413), Garden Grove (211), Orange (150), Fullerton (136)

Riverside Foreclosures - Hardest hit cities Riverside (1028), Moreno Valley (945), Corona (742), Murrieta (494), and Perris (478)

San Diego Foreclosures - Hardest hit cities San Diego (1620), Chula Vista (582), Escondido (373), Oceanside (370) and El Cajon (260)

San Bernardino Foreclosures – Hardest hit cities Fontana (770), San Bernardino (668), Victorville (609), Hesperia (384), and Rialto (341)

N. California Foreclosures Increase 4.6 Percent in March 2008

Joe Iuliucci — Sun, 13 Apr 2008 23:35:00 GMT

Sacramento, CA, April 09, 2008 --(PR.com)-- Default Research, the premier provider of foreclosure real estate data in Northern California, is reporting that Notice of Defaults and Notices of Trustee Sales were up 4.6 percent in March 2008, which followed a month when foreclosures were down 9 percent.

According to Default Research (www.defaultresearch.com), the hardest hit areas currently are San Joaquin and Sacramento with over 5.5 percent of homes entering foreclosure. Market indicators in these regions show declining home inventories in the past six months and median home sales prices continue to slip. But, the area may be nearing the end of the foreclosure crunch.

frenzy in Las Vegas

Joe Iuliucci — Sun, 13 Apr 2008 23:27:00 GMT

More than half of Las Vegas home sales in March were foreclosures or short sales, the president of Greater Las Vegas Association of Realtors said Monday.

The association reported 1,478 escrow closings for single-family homes during the month, a 34.6 percent increase from February. It was the third straight monthly increase. Sales are down 7.9 percent from the same month a year ago.

"What an increase we had in March," association president said. "People are coming outside, the weather's getting warm and they've heard doom and gloom all winter long. There's some great deals out there, and they're not going to last forever."

Inventory of homes listed for sale is at 22,763, up 1.2 percent from February and up 6.9 percent from March 2007

Median prices declined 1.4 percent to $243,169 as bank-owned properties continue to sell below market value, Kelley said. Foreclosures and short sales, or homes sold for less than the mortgage owed, accounted for 773 sales in March, 52.3 percent of the total.

While home prices are still declining, down 20.3 percent from a year ago, Kelley said she doesn't expect them to go much lower because they're now selling for less than what it would cost to build that same home today.

She said foreclosure homes are getting multiple offers. It's taking longer for banks to approve sales and for buyers to close escrow.

Top Foreclosure Zip Codes Nationwide

Joe Iuliucci — Sun, 13 Apr 2008 23:22:00 GMT

Rank	Zip	City	State	County	Default Notices	Auction Notices	Bank Repossessions (REO)	Total Filings
1	89031	North Las Vegas	NV	Clark	368	285	88	741
2	89131	Las Vegas	NV	Clark	304	289	72	665
3	89148	Las Vegas	NV	Clark	315	226	73	614
4	89108	Las Vegas	NV	Clark	303	232	38	573
5	89052	Henderson	NV	Clark	247	187	50	484
6	89139	Las Vegas	NV	Clark	246	159	71	476
7	89129	Las Vegas	NV	Clark	235	192	46	473
8	95206	Stockton	CA	San Joaquin	268	56	143	467
9	48228	Detroit	MI	Wayne	88	220	145	453
10	89123	Las Vegas	NV	Clark	243	159	46	448
11	89147	Las Vegas	NV	Clark	220	167	50	437
12	89110	Las Vegas	NV	Clark	243	155	36	434
13	89117	Las Vegas	NV	Clark	234	158	41	433
14	33971	Lehigh Acres	FL	Lee	359	43	29	431
15	89141	Las Vegas	NV	Clark	200	190	41	431
16	94565	Pittsburg	CA	Contra Costa	237	74	119	430
17	89128	Las Vegas	NV	Clark	216	170	40	426
18	89122	Las Vegas	NV	Clark	228	144	39	411
19	89032	North Las Vegas	NV	Clark	215	150	43	408
20	89149	Las Vegas	NV	Clark	208	161	38	407
21	48205	Detroit	MI	Wayne	81	190	133	404
22	48224	Detroit	MI	Wayne	80	183	139	402
23	89183	Las Vegas	NV	Clark	205	161	33	399
24	89081	North Las Vegas	NV	Clark	180	169	49	398
25	33993	Cape Coral	FL	Lee	317	56	23	396
26	93535	Lancaster	CA	Los Angeles	185	75	114	374
27	93550	Palmdale	CA	Los Angeles	195	61	110	366
28	92563	Murrieta	CA	Riverside	169	57	134	360
29	92336	Fontana	CA	San Bernardino	199	56	99	354
30	89074	Henderson	NV	Clark	192	117	35	344
31	89121	Las Vegas	NV	Clark	191	122	24	337
32	33914	Cape Coral	FL	Lee	249	57	18	324
33	89178	Las Vegas	NV	Clark	172	122	29	323
34	89084	North Las Vegas	NV	Clark	144	142	34	320
35	48219	Detroit	MI	Wayne	69	142	100	311
36	92571	Perris	CA	Riverside	162	45	101	308
37	92345	Hesperia	CA	San Bernardino	174	45	88	307
38	22193	Woodbridge	VA	Prince William	104	177	24	305
39	34953	Port Saint Lucie	FL	Saint Lucie	239	50	16	305
40	95823	Sacramento	CA	Sacramento	151	50	104	305
41	33909	Cape Coral	FL	Lee	214	72	18	304
42	89130	Las Vegas	NV	Clark	140	127	35	302
43	92553	Moreno Valley	CA	Riverside	153	57	92	302
44	89011	Henderson	NV	Clark	177	104	18	299
45	94509	Antioch	CA	Contra Costa	160	45	91	296
46	85022	Phoenix	AZ	Maricopa	0	287	8	295
47	80013	Aurora	CO	Arapahoe	3	184	107	294
48	93635	Los Banos	CA	Merced	187	28	75	290
49	89115	Las Vegas	NV	Clark	160	107	20	287
50	48227	Detroit	MI	Wayne	56	140	89	285
51	44105	Cleveland	OH	Cuyahoga	93	77	112	282
52	95376	Tracy	CA	San Joaquin	155	50	68	273
53	92376	Rialto	CA	San Bernardino	163	41	68	272
54	92503	Riverside	CA	Riverside	141	57	73	271
55	93536	Lancaster	CA	Los Angeles	148	51	72	271
56	89107	Las Vegas	NV	Clark	135	109	24	268
57	48235	Detroit	MI	Wayne	56	127	82	265
58	95828	Sacramento	CA	Sacramento	145	35	84	264
59	92555	Moreno Valley	CA	Riverside	132	44	85	261
60	33025	Hollywood	FL	Broward	185	53	20	258
61	94531	Antioch	CA	Contra Costa	144	35	78	257
62	89002	Henderson	NV	Clark	141	92	21	254
63	89103	Las Vegas	NV	Clark	147	91	14	252
64	89113	Las Vegas	NV	Clark	132	99	21	252
65	89142	Las Vegas	NV	Clark	144	87	21	252
66	48234	Detroit	MI	Wayne	56	130	65	251
67	92592	Temecula	CA	Riverside	124	54	69	247
68	33313	Fort Lauderdale	FL	Broward	177	37	21	235
69	95758	Elk Grove	CA	Sacramento	118	30	87	235
70	95209	Stockton	CA	San Joaquin	127	44	63	234
71	92530	Lake Elsinore	CA	Riverside	118	49	66	233
72	92880	Corona	CA	Riverside	117	33	82	232
73	93551	Palmdale	CA	Los Angeles	118	39	75	232
74	30310	Atlanta	GA	Fulton	3	177	50	230
75	33160	North Miami Beach	FL	Miami-Dade	175	38	17	230
76	92557	Moreno Valley	CA	Riverside	122	35	72	229
77	89014	Henderson	NV	Clark	111	94	22	227
78	89156	Las Vegas	NV	Clark	120	84	23	227
79	92562	Murrieta	CA	Riverside	100	47	77	224
80	94513	Brentwood	CA	Contra Costa	122	36	65	223
81	94533	Fairfield	CA	Solano	129	36	58	223
82	92392	Victorville	CA	San Bernardino	131	33	57	221
83	95210	Stockton	CA	San Joaquin	117	47	56	220
84	89015	Henderson	NV	Clark	118	82	19	219
85	92335	Fontana	CA	San Bernardino	118	37	64	219
86	33023	Hollywood	FL	Broward	142	51	25	218
87	89145	Las Vegas	NV	Clark	100	95	22	217
88	33990	Cape Coral	FL	Lee	164	37	15	216
89	60628	Chicago	IL	Cook	142	41	32	215
90	95377	Tracy	CA	San Joaquin	123	32	57	212
91	33311	Fort Lauderdale	FL	Broward	137	46	28	211
92	33064	Pompano Beach	FL	Broward	151	40	19	210
93	33131	Miami	FL	Miami-Dade	157	32	21	210
94	92154	San Diego	CA	San Diego	111	43	52	206
95	92584	Menifee	CA	Riverside	102	32	72	206
96	95624	Elk Grove	CA	Sacramento	126	26	54	206
97	94591	Vallejo	CA	Solano	114	37	53	204
98	48221	Detroit	MI	Wayne	41	92	70	203
99	22191	Woodbridge	VA	Prince William	75	107	20	202
100	33027	Hollywood	FL	Broward	154	32	16	202

New areas hit hardest by home losses

Joe Iuliucci — Sun, 13 Apr 2008 23:16:00 GMT

Many of valley's outlying subdivisions amass highest foreclosure tallies in 2007

Most foreclosed homes in the Las Vegas Valley are concentrated in newer subdivisions and have average home ages of less than 10 years, a local housing market analyst shows.

ZIP codes 89131 and 89031 had 792 and 681 foreclosure sales in 2007, respectively, according to Las Vegas-based research firm SalesTraq. The average age of those foreclosed homes was 5.8 years in the 89131 area and 8.2 years in 89031.

The average age of homes in the top 10 foreclosure ZIP codes in Clark County ranged from 4.5 years in 89148 (537 foreclosures) to 25.1 years in 89108 (395 foreclosures). The median was eight years.

Mayor appeals to Congress for help out of mortgage fix

Joe Iuliucci — Sun, 13 Apr 2008 23:11:00 GMT

Washington — The mayor of Las Vegas came to town to discuss the mortgage mess last week and brought one very simple request: Send money.

The best thing Congress could do to help the city through the crisis, Oscar Goodman testified on the Hill, is free up some cash so Las Vegas can buy foreclosed properties that are blighting neighborhoods.

Congress is entertaining such an offer. Proposals in the House and Senate would allocate from $4 billion to $10 billion to communities hardest hit by the mortgage meltdown.

Republicans, however, are hesitant to push local governments more deeply into the landlord business.

They question whether government, rather than private-sector forces, does the best job of buying, rehabilitating and managing real estate. President Bush is cool to the idea, but he has stopped short of a veto threat.

Goodman told the House Financial Services Committee that when he first took office, blight in a neighborhood meant a broken window. Now blight is defined by tracts of homes where multiple properties are abandoned and in foreclosure.

Las Vegas has seen a threefold increase in foreclosures during the past year, from 20,000 homes in 2006 to 60,000 in 2007, Goodman testified. Half the homes on the market are there because of foreclosure, he said.

Being able to tap funds to scoop up abandoned homes would help turn those neighborhoods around, he said. To fill the houses quickly with residents, the city would offer them as affordable housing, always in high demand in the Las Vegas market.

Goodman told the panel, “I think in some way some good can come out of the bad.”

Congress has been wrestling with the best way to respond to the mortgage crisis since the start of this year, and continues to struggle with a solution that could pass both chambers and get the president’s signature.

Even though the Senate overwhelmingly passed a bipartisan package last week that includes various elements to help builders avert massive losses, community housing groups complained the bill does not go far enough to help homeowners who need immediate assistance.

Senate Majority Leader Harry Reid and Republican Sen. John Ensign supported the Senate plan, which passed 84-12.

Reid was pleased last week to have gotten the bill out of the Senate, but the road ahead remains rough.

The House plan under consideration broadens the aid that would be available to those who need to rewrite their mortgages, and includes $10 billion, rather than $4 billion under the Senate proposal, to be shared among hard-hit communities such as Las Vegas that want to buy properties.

The House is also lining up a vote for early next week on a smaller housing aid bill that includes a plan to give first-time homeowners a tax-free loan of up to $7,500 toward their down payments.

Democratic Rep. Shelley Berkley and Republican Rep. Jon Porter supported the down payment assistance package in committee last week, and they would likely support it if it comes to a full vote on the House floor.

“We need to speed along this help for families in Nevada and nationwide and we need to do it now,” Berkley said in a statement after the committee vote.

Berkley also supports the broader House plan, but Porter and Nevada’s other Republican lawmaker in the House, Rep. Dean Heller, will be asked in coming discussions where they stand on the bill.

Goodman was hopeful last week that “a lot of good could come out of this.”

But at this point, it’s difficult to see a clear end game. Las Vegas homeowners who are in trouble, as well as neighbors who are watching for-sale signs pop up on their streets, may need to hang in there a little longer before aid arrives.

Tips to Getting Your REO Offer Accepted

Joe Iuliucci — Sun, 13 Apr 2008 23:00:00 GMT

1 – Prepare you buyer of what may, or may not happen

2 – No matter what the MLS says, CALL the listing agents office and ask for status

3 – Ask if there are any addendums that need to accompany the offer (ex.CW)

4 - Ask if the Bank requires an approval, or verification of approval from someone specific. (ex, Wells, Indymac, CW)

5 – Ask for turn around time with the specific bank

6 - Complete the GLVAR contract and addendums in full – do not leave out anything

7 – Follow up with the listing agents office to make sure they have everything you sent

8 - Follow up to make sure it was complete, and submitted to the bank

9 - If you get countered – relay the counter to your buyer, accept or counter the counter the same day.

10 – If accepted – fax back the acceptance, or have your buyer sign the bank addendums – return the same day.

11 – Deliver originals to the listing agent, with earnest money check – ASAP

12 – Follow up with the listing agent until you get signed addedums from the bank

Real Estate's Hot Specialists - Wall Street Journal - Apr 8, 2008

Joe Iuliucci — Sun, 13 Apr 2008 22:54:00 GMT

Joseph Iuliucci, a Las Vegas foreclosure specialist at Prudential Americana Group, has never been busier. He has more than 500 listings and was among the top 10 home sellers nationwide for the Prudential Real Estate franchise chain last year. Mr. Iuliucci needs a staff of 22 agents and assistants to stay on top of things.

Data from First American CoreLogic, a research firm based in Santa Ana, Calif., show that lender-owned homes account for roughly one out of nine homes listed for sale. In some places, sales of lender-owned homes or ones threatened with foreclosure are dominating local markets. Foreclosure-related transactions accounted for 52% of all sales in the Las Vegas area in March, according to the Greater Las Vegas Association of Realtors.

Once a month or so, Prudential's Mr. Iuliucci takes prospective buyers on bus tours of foreclosure hot spots, such as a cul de sac where five of seven houses are lender-owned. Such tours are becoming common across the country

High number of Las Vegas homes now vacant

Joe Iuliucci — Fri, 21 Mar 2008 18:46:00 GMT

High number of Las Vegas homes now vacant

The U.S. Census Bureau recently came out with its 2007 home vacancy rate data, and the Wall Street Journal has created a nifty map that makes it easy to compare Las Vegas with other parts of the country.

It’s become fairly normal for Las Vegas to show up near the top of these housing economic charts, and there it is again: Las Vegas had the third highest homeowner vacancy rate in the country, at 4.9 percent. It jumped up from 2.8 percent the year before. The national homeowner vacancy rate in 2007 was 2.7 percent.

Vacancy sees no sign of going down as home sales numbers here continue to plummet and foreclosure is still on the rise. Homebuilders are waiting for home sales to start increasing again before they get into gear, said Dennis Smith of Home Builders Research. He wasn’t willing to venture a prediction on when that might be.

Other census data shows that the rental vacancy rate here rose from 9.6 to 10.9 percent. The national rate is 9.8 percent. About half of the top 75 metropolitan areas have rental vacancy rates higher than Las Vegas.

Selling REO - Bank Owned Homes training- for Realtors

Joe Iuliucci — Sun, 04 Nov 2007 01:39:00 GMT

Prudential Americana's Joe Iuliucci - is booked to do 2 trainings a month in November, & December. The classes are set to be hosted by both First American Title, and Countrywide/MJM. The plan is to educate the local agents on terms, procedures, and industry standards. The last class in October over 120 rsvp's. B doing it twice a month we will be able to reach all the interested agents. The next November class will be at First American title, Co-hosted by Wells Fargo Mortgage. Call 702-868-7120 for reservations.

CA - Housing recovery expected 2 to 3 years

Joe Iuliucci — Sun, 04 Nov 2007 01:33:00 GMT

Housing recovery expected in 2 to 3 years

By Jeff Collins
The Orange County Register

A recovery in the housing market may start taking hold sometime in the coming two to three years, depending on whom you asked at the California Association of Realtors convention that ended Saturday.

An economist on a panel of experts discussing the slump predicted that the market won’t hit bottom until mid- to late 2008. "We’ve got a good six to 12 months before we hit that trough in the housing market stats," Frank Nothaft, chief economist for federal mortgage giant Freddie Mac, said on Thursday.

While some Realtors attending the gathering at the Anaheim Convention Center said they believed the worst was already over, others agreed with the panelists that the recovery will be a long, drawn-out process.

"I don’t think this thing’s going to go away in the next year or two, (or) that we’ll return to heavy appreciation," said Barry Brown, a Prudential California Realty agent from the Pismo Beach area.

Jack Kyser, chief economist for the Los Angeles County Economic Development Corp., was the most optimistic panelist, foreseeing a recovery starting in early 2009, or just 14 or 15 months from now.

Richard Green, the Oliver T. Carr Jr. Chair of Real Estate & Finance at George Washington University, cautioned real estate agents that they may need to wait longer. "Just try to hang on for three years," he said.

"Realtors like good news," Green said. "For the short run, I don’t have a lot."

The discussion followed the release of CAR’s 2008 forecast, predicting that home sales in the state will fall to their lowest level in 23 years next year and that house prices will drop for the first time in 12 years.

"It’s going to get better, but very slowly," said Maria Natalia Lopez, an agent with First Nation Realty in Wilmington. "Everyone’s waiting for prices to drop further."

The panel blamed a binge of bad loans, a runup in home prices and a flood of foreclosures for creating a downturn unlike any seen before.

Easy financing, resulting in a runup in home prices, started the slump, Green said, and as a result, home sales are almost half the level of two years ago. Six of the 10 metro areas with the nation’s highest default rates are in California.

"There are no economic models," he said. "We’ve never seen anything exactly like this before."

Dave Emerson, an agent with Prudential California Realty in Los Alamitos, said he feels like he’s on the shore watching a "tsunami of foreclosures" coming.

"I’m just scared to death," Emerson said. "Maybe I’m a victim of the media."

Orange County’s housing market topped Kyser’s list of "problem areas" because the jobs picture is weaker here than in the state as a whole.

While California expects to see a 1 percent increase or better in non-farm jobs this year and next, Orange County’s projected growth is 0.4 percent this year and 0.5 percent in 2008, he said.

The county also lost thousands of jobs because of the meltdown in companies offering "subprime" mortgages, or loans to borrowers with low credit scores. In addition, construction jobs have fallen here because of the decline in new home building, he said.

"It worries me," said Realtor Marina Alvarado, an agent with Tu Casa Realty in Long Beach. "It would worry anybody. I guess we’ll have to look for different ways to make ends meet because it’s hard (to make a living)."

Nothaft said there’s "more bad news to come" on the subprime side.

While subprime financing makes up 15 percent of all loans in California, it accounts for 70 percent of foreclosures in the state. There are $300 billion in adjustable-rate, subprime loans that will have their first payment adjustment occur in 2008, causing monthly payments to rise, Nothaft said.

"A lot of families will have a challenge meeting those higher rates," he said.

Bill Plattos, a CAR board member and executive vice president at Costa Mesa-based First Team Real Estate, agreed it could take six to 12 months to hit bottom.

But he thinks the recovery may be less than three years away. The Federal Reserve’s decision to lower interest rates will help restore confidence, he said.

"The sentiment is going to come back in the not-too-distant future," Plattos predicted.

REO Team Listings hit 400

Joe Iuliucci — Sun, 28 Oct 2007 03:49:00 GMT

http://www.lvreo.com to view the lisitngs - or visit http://www.vegasreo.com for news and info

FORECLOSURES IN THE SILVER STATE: UPSIDE DOWN

Joe Iuliucci — Sun, 28 Oct 2007 03:44:00 GMT

Odds are, you think this package on rising foreclosure rates doesn't apply to you.

A good 80 percent of home loans in Nevada are prime mortgages, after all, and more than 95 percent of mortgage holders in the state are current on their loan payments. Fewer than 2 percent of home loans are in foreclosure now. The 37 percent of locals who rent their homes have no mortgages to repay, and they're enjoying stable lease rates to boot.

But the stumbling housing market has tentacles that could reach into every household in the Silver State.

From thousands of lost jobs to widespread housing depreciation to a dip in the revenue flowing into state and county coffers, the fiscal fallout of a lagging housing sector is settling across Nevada's economy.

"All sectors are feeling the effects of (greater delinquencies and dropping home prices)," said Brian Gordon, a principal in the economic research firm of Applied Analysis. "It's impacting the willingness of consumers to spend on discretionary purchases ranging from automobiles to dining out to gaming, and everything in between."

Added Mike Colpitts, editor of Housingpredictor.com: "It will be harder to get mortgages. As home values drop and interest rates (on exotic loans) reset, people won't have extra cash on hand. People won't go to the movies as much. This is a huge country full of people who have not been savers."

In other words, all consumers could feel the pinch, whether it's in lost income, smaller home equities or reduced public services.

JOB LOSSES INCREASE

For much of the past two decades, construction and real estate have helped power Nevada's economy, employing roughly 10 percent of the state's residents. Construction is the No. 2 employer in Clark County, second only to travel and tourism, said Steve Holloway, executive vice president of the local chapter of Associated General Contractors.

That reliance on growth makes the local economy especially vulnerable when real estate heads south.

Clark County's construction sector shed more than 4,100 jobs between the first quarter of 2006 and the first quarter of 2007, according to the state's Department of Employment, Training & Rehabilitation.

The employment declines have helped push the jobless rate to its highest levels since 2003. Unemployment reached 5 percent in Clark County in August, up from 4.2 percent in the same month a year ago.

The dip in construction jobs is even stunting overall employment gains in Nevada.

A vibrant construction sector pushed Nevada's job formation from 5 percent to 6.5 percent in December 2004, said Jim Shabi, an economist with the state's employment department.

Now, the building sector is dragging down job creation: Take construction out of the equation, and new jobs are forming at a rate of 2 percent a month. Include building, with its employment declines, and the state's job growth drops to 1.5 percent a month, Shabi said.

Construction work pays well, so any substantial job loss in the sector will hurt consumer spending. The average construction salary in the first quarter ranged from $48,000 a year to $76,000 a year locally, depending on the type of job.

Pile on job contractions in real estate-related fields such as title insurance, mortgage banking and property appraisals, and the effect on consumer spending becomes more acute. Loan brokers and others in real estate financing average around $55,000 to $73,000 a year, while escrow jobs typically pay more than $57,000 annually. Employees in property and casualty insurance take in an average of more than $72,000 a year.

As many locals are learning, though, job loss isn't the only restraint the housing market is placing on spending.

'PEOPLE STOP BORROWING'

More than a fifth of loans made in Nevada in 2006 were interest-only mortgages with payments that will rise in coming months and years, according to California research firm LoanPerformance. Another 17 percent of the loans made here last year were option-ARM mortgages that allow homeowners to shift unpaid interest to the loan's principal. As interest rates on unconventional mortgages reset beyond their introductory "teaser" levels, consumers have less money for nonessential purchases.

Even the holders of conventional, fixed mortgages are feeling the effects of the troubled market. Properties in default are often vacant and ill-maintained, pulling down the values of nearby homes, said Daren Blomquist, a spokesman for the California research firm RealtyTrac.

In addition, foreclosures and homes with seriously delinquent loan payments generally sell for less than market value, and because today's listing prices are based on yesterday's sale prices, below-market closings suppress the housing dollars all homeowners can command, Blomquist said.

Falling home prices are also vaporizing assets: Every 1 percent drop in the median single-family home price costs Clark County homeowners $800 million in household wealth, said Jeremy Aguero, another principal at Applied Analysis. Toss in condominiums and town homes, and the impact approaches $1 billion, Aguero said.

The median price of an existing home in Las Vegas was $270,000 in August, down 6.6 percent from $289,028 in August 2006, according to local research firm SalesTraq.

All that vanishing equity is affecting consumer spending, analysts say.

Shoppers base discretionary budgets partly on how their assets are performing. When homes or investments climb in value, a "wealth effect" kicks in, persuading consumers that their flourishing fiscal outlook lets them splurge today and cover their indulgences when they cash in years from now. At the height of the housing market, consumers were extracting burgeoning home equity to finance cars, vacations and shopping sprees, said Joel Naroff, president of Naroff Economic Advisors in Pennsylvania.

The wealth effect is now pulling in the opposite direction. As home prices depreciate, anxious consumers clamp down on unnecessary spending, and banks impose tougher standards on borrowers looking for loans ranging from first mortgages to home-equity lines of credit. The cash-out refinancing that spurred the economy before 2006 has all but disappeared.

"Probably the biggest and most direct immediate impact (of falling prices and the housing credit crunch) is that people have essentially stopped borrowing from their homes," Naroff said. "And it becomes more of a problem as housing prices fall further. A lot of households had been using their homes essentially as ATMs -- they'd stick a 'card' in and out would come a new kitchen or car. Now, when they stick those cards in, the ATM asks them for more money."

THE ECONOMIC CONSEQUENCES

Slower job formation, rising unemployment, higher housing payments and slumping home equity are slicing into business for local retailers and chipping away at Nevada's tax revenue.

Statewide sales among car dealers, food stores, furniture retailers, building suppliers and garden shops ebbed year-over-year in July despite about a 5 percent gain in population.

Nevada's revenue from taxable sales has declined three months in a row, falling 2.6 percent in July when compared with July 2006, and 0.3 percent in June when compared with the same month in 2006. May's 3.6 percent slide in year-over-year revenue was the biggest drop since December 2001.

Shrinking home equity and rising interest costs on adjustable-rate mortgages are partly to blame for the revenue decline, said Dino DiCianno, executive director of the Nevada Department of Taxation.

"People have a certain level of disposable income," DiCianno said. "They're having to choose to either make their housing payments or purchase a new vehicle. Do you want to buy a 52-inch plasma-screen TV, or do you want to make a housing payment? Do you want to not buy the TV and purchase a vehicle instead?"

Consumers especially ramp up spending when they buy homes. The average home buyer spends $3,000 to $6,000 on goods including fixtures, furniture and upgrades every time he buys a home, Aguero said. With local home sales down from 6,866 units in August 2006 to 4,318 units in the same month a year later, consumers are investing less in setting up new households.

Some of the city's biggest retailers, including Walker Furniture and R.C. Willey, didn't return phone calls seeking comment on furniture and appliance sales. Casino operators including Boyd Gaming, MGM Mirage and Station Casinos declined to comment just before quarterly earnings season on whether the housing market is affecting consumer spending.

Businesses that did comment reported mixed results.

Sales at dealerships open for more than 12 months are up about 5 percent in the past year for Findlay Automotive Group, said Tyler Corder, the car dealer's chief financial officer.

Yet, Corder said Findlay's sales probably would show even higher increases if the housing sector were healthier. Between acquaintances and the managers at Findlay's 18 regional dealerships, Corder knows of a "fair number" of consumers who plan to avoid auto purchases until they can sell their homes.

"They'll say, 'My house has been sitting on the market for 90 days and I haven't had any offers on it,'" Corder said. "I know of a few people who bought second homes as speculative properties, and they're having difficulty renting out their homes or unloading them."

It's difficult to find how much of the falloff in taxable sales on cars results from a flagging residential real estate sector, Corder said, because high fuel prices have made smaller vehicles popular. And pint-size cars are less expensive than sport utility vehicles, pickups and sedans. Nevada auto dealers could be moving the same number of cars year-over-year, but if more of those vehicles are small, the dollar volume will drop.

The Department of Taxation doesn't tally auto sales based on vehicle size or class.

Furniture retailers reported that sales were off more than 10 percent year-over-year in July.

Salesman Wayne Farrar estimated that business is down about 30 percent in the past two to three months at Price Less Furniture on Russell Road. September was especially slow: One Thursday brought in just six customers, compared with 20 to 30 customers on a typical day when times were good.

"If anybody is going into a furniture store today, they are either completely wealthy or they're buying inexpensive furniture," Farrar said.

Joey Luna, a co-owner of Furniture Direct on Dean Martin Drive, first heard rumblings of a slowdown in furniture manufacturing in late 2006. Slackening sales among retailers followed in the spring; through his company's Furnitureofamerica.com Web site, Luna noticed softening purchases in Nevada, California, Arizona and Florida in the second quarter. He saw local clients backing out of major furniture purchases, some because they were bracing for higher mortgage payments.

So Furniture Direct is tweaking its operation, focusing on remodeling and making over existing homes. The company, which already emphasizes midrange to high-end furnishings, also opened a division in September for the pricey loft and high-rise segment.

"There's movement (of homes) in the $2 million-and-above price range," Luna said.

Taxable sales aren't the only revenue stream drying up because of a faltering housing market.

The real-property transfer tax, which levies $5.10 on every $1,000 of assessed value each time a property sells in Clark County, has plummeted this year thanks to falling prices and fewer sales. Clark County took in about $122 million in real-property transfer tax from January to August, the most recent month with available statistics. That's down from $159.2 million during the same time in 2006 and $166.4 million in the first eight months of 2005.

The revenue from taxable sales and property transfers supports key public services such as schools, the Southern Nevada Water Authority, prisons, flood control and police departments.

"If revenue comes in substantially under expectations, government agencies will have to adjust their budgets accordingly, and that's not always an easy thing," Aguero said.

A sustained budget crunch could send officials on the hunt for additional funds, Aguero said. Yet, he doesn't foresee a revenue fight similar to the budget standoff in 2003, when the Nevada Supreme Court allowed an $833.5 million tax hike to make up for a dip in gaming and taxable sales revenue resulting from the terrorist attacks of Sept. 11, 2001.

The political will for such a tussle doesn't exist, Aguero said, and the housing bust doesn't carry the same long-term uncertainty that Sept. 11 did. Plus, Southern Nevada's resort sector will open more than $30 billion in projects over the next five years or so, thus creating new jobs and boosting the economy. Furthermore, legislative solutions are "less in vogue" than voter initiatives, so if funding fixes become necessary, they'll probably happen through referendums pitched directly to voters, Aguero predicted.

And ballot questions carry their own dangers.

"Oftentimes, people don't understand unintended consequences or even principal consequences, especially if you take initiatives in combination with one another," Aguero said. "It becomes hugely problematic. Southern Nevada has a remarkable, robust economy even in relatively slow times. Tinkering with that is dangerous, especially when it's coming from several different directions."

Whether there's any tinkering at all, though, will depend on how much the housing market worsens, analysts say.

HOW MUCH WORSE?

Outside home-building and related sectors, most businesses haven't responded to slower sales with layoffs. Housing analysts and economists say, though, that the housing credit crunch isn't over, and businesses could face slower sales for several quarters to come.

"Job growth is income growth," Naroff said. "Jobs generate income, so people who say they're not seeing a lot of problems yet could see problems later. (The credit crunch) is a process, not an event. It accumulates. After a year of 1.4 percent job growth instead of 6 percent job growth, you know spending will be down."

Local companies shouldn't expect a sales assist from homeowners any time soon.

Exotic mortgages with rising interest rates made up 51 percent of all home loans originated in Nevada in 2006, compared with 33 percent of all home loans nationally, according to LoanPerformance.

LoanPerformance forecasts that homeowners will default on 32 percent of mortgages with initial "teaser" interest rates that jump later. The company also predicts that 12 percent of subprime loans, of which there were 107,622 in Nevada in the second quarter, will end up in foreclosure. About 5 percent of subprime loans are in foreclosure now.

Mortgage delinquencies nationally will not peak until six months to a year from now, predicted Doug Duncan, of the Mortgage Bankers Association. Foreclosures, which lag delinquencies, should hit their high point three months to six months after late payments spike.

Nevada's mortgage troubles could intensify, but it's possible the Silver State's foreclosure rate is peaking earlier than rates in other states, RealtyTrac's Blomquist said.

Nevada has a typical foreclosure timeline of about four months, compared with more than a year in some states such as New York. Nevada might be the nation's top default spot now because other states are coming later to the foreclosure issue.

RealtyTrac's researchers are seeing heightened default activity elsewhere, and they are spotting signs that other states will catch up to Nevada's foreclosure levels.

"It's not a sure thing that Nevada will be on top of the foreclosure list for the remainder of the year," Blomquist said.

Industry watchers also point to upsides for the local economy: Business is increasing for some operations, including credit counselors, appliance repairmen and fast-food restaurants.

Sales are "booming" at Mr. Appliance of Las Vegas, as homeowners look to save money by repairing what they already have, Operations Manager Kenneth Jagmin said. And an average tab of $7 a person has helped push same-store sales up by the double digits for Micatrotto Restaurant Group, which owns three local Raising Cane's chicken-finger eateries and one Baker Bros. American Deli shop.

The slump in residential construction also eased a labor shortage on the Strip, where developers need tens of thousands of workers to build projects such as the $7.4 billion CityCenter and the $4.8 billion Echelon.

Holloway, of Associated General Contractors, said the surfeit of workers has helped avert a 10 percent to 15 percent increase in the cost of construction along the resort corridor.

Nor are slipping sales among some sectors dampening long-term outlooks among business owners and executives.

Despite the drop in business, managers at Price Less aren't discussing layoffs or salary cuts, Farrar said.

"We're pretty well-established," Farrar said. "And the way the population is coming into Las Vegas, we're still going to survive. Las Vegas is a very transient town, so you have people moving in and out, which generates sales. We'll survive, and hopefully things will turn around."

Furniture Direct even added two workers in September, bringing its staff to 30.

"I think we will be OK," Luna said. "We've certainly become more careful about what we show and buy here in the Las Vegas market, but I think people will continue to buy furniture. It's a matter of refocusing our goals. If we continue to focus on the needs of the local market, I think we will continue to do well."

California NOD & Trustee sale numbers

Joe Iuliucci — Sun, 28 Oct 2007 03:27:00 GMT

Notices of Default
houses and condos

County/Region	2006Q3	2007Q3	%Chg
Los Angeles	5,565	13,583	144.1%
Orange	1,500	3,882	158.8%
San Diego	2,355	5,673	140.9%
Riverside	3,040	9,250	204.3%
San Bernardino	2,548	7,038	176.2%
Ventura	578	1,377	138.2%
SoCal*	15,676	41,062	161.9%
San Francisco	149	252	69.1%
Alameda	803	2,126	164.8%
Contra Costa	1,012	3,216	217.8%
Santa Clara	670	1,655	147.0%
San Mateo	290	581	100.3%
Marin	89	172	93.3%
Solano	510	1,513	196.7%
Sonoma	231	749	224.2%
Napa	43	163	279.1%
Bay Area	3,797	10,427	174.6%
Santa Cruz	103	267	159.2%
Santa Barbara	188	598	218.1%
San Luis Obispo	94	249	164.9%
Monterey	202	751	271.8%
Coast	587	1,865	217.7%
Sacramento	1,761	4,947	180.9%
San Joaquin	898	2,961	229.7%
Placer	443	728	64.3%
Kern	741	2,196	196.4%
Fresno	789	1,807	129.0%
Madera	106	320	201.9%
Merced	282	1,076	281.6%
Tulare	268	595	122.0%
Yolo	101	303	200.0%
El Dorado	120	278	131.7%
Stanislaus	631	1,909	202.5%
Kings	46	108	134.8%
San Benito	63	178	182.5%
Yuba	66	227	243.9%
Colusa	18	54	200.0%
Sutter	77	155	101.3%
Central Valley	6,410	17,842	178.3%
Mountains*	185	417	125.4%
North California*	563	958	70.2%
Statewide	27,218	72,571	166.6%
* includes additional counties

Recorded Trustees Deeds
houses and condos

County/Region	2006Q3	2007Q3	%Chg
LOS ANGELES	535	3,627	577.9%
ORANGE	179	1,280	615.1%
SAN DIEGO	453	2,157	376.2%
RIVERSIDE	478	3,462	624.3%
SAN BERNARDINO	232	2,255	872.0%
VENTURA	77	454	489.6%
SOCAL TOTAL*	1,960	13,314	579.3%
SAN FRANCISCO	22	66	200.0%
ALAMEDA	115	674	486.1%
CONTRA COSTA	119	1,159	873.9%
SANTA CLARA	51	410	703.9%
SAN MATEO	37	155	318.9%
MARIN	4	41	925.0%
SOLANO	63	495	685.7%
SONOMA	33	201	509.1%
NAPA	5	41	720.0%
BAY AREA TOTAL	449	3,242	622.0%
SANTA CRUZ	17	71	317.6%
SANTA BARBARA	29	211	627.6%
SAN LUIS OBISPO	21	75	257.1%
MONTEREY	20	266	1230.0%
COAST TOTAL	87	623	616.1%
SACRAMENTO	343	2,065	502.0%
SAN JOAQUIN	119	1,136	854.6%
PLACER	45	294	553.3%
KERN	66	729	1004.5%
FRESNO	78	483	519.2%
MADERA	9	110	1122.2%
MERCED	30	423	1310.0%
TULARE	21	167	695.2%
YOLO	12	96	700.0%
EL DORADO	13	110	746.2%
STANISLAUS	73	752	930.1%
KINGS	5	18	260.0%
SAN BENITO	5	62	1140.0%
YUBA	16	108	575.0%
SUTTER	12	58	383.3%
CENTRAL VALLEY TOTAL*	852	6,630	678.2%
MOUNTAINS*	19	113	494.7%
NORTH CALIF*	68	287	322.1%
STATEWIDE	3,435	24,209	604.8%

* includes additional counties

Whats an REO?

Joe Iuliucci — Sun, 21 Oct 2007 17:40:00 GMT

REO - (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction. You see, most foreclosure auctions do not even result in bids. After all, if there was enough equity in the property to satisfy the loan, the owner would have probably sold the property and

paid off the bank. That is why the property ends up at a trustee sale.

Foreclosure sales begin with a minimum bid that includes the loan balance, any accrued interest, plus attorney's fees and any costs association with the foreclosure process. In order to bid at a foreclosure auction, you must have a cashier's check in your hand for the full amount of your bid. If you are the successful bidder, you receive the property in "as is" condition, which may include someone still living in the property. There may also be other liens against the property.

Since what is owed to the bank is almost always more than what the property is worth, very few foreclosure auctions result in a successful sale. Then the property "reverts" to the bank. It becomes an REO, or "real estate owned" property.

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By Jeff CollinsThe Orange County Register

REO Team Listings hit 400

FORECLOSURES IN THE SILVER STATE: UPSIDE DOWN

California NOD & Trustee sale numbers

Whats an REO?

By Jeff Collins
The Orange County Register