REO Insider Goes Mobile
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REO Insider recently released their iPhone App. Always on the go? Don't forget to bring along the latest breaking real estate owned REO news with this new mobile app. REO Insider is the leading independent monthly source for information for REO agents and brokers conducting business in the distress property marketplace.
The free app can be download at:
http://itunes.apple.com/app/reo-insider/id373625566
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Asset Managers Overwhelmed
1,000 REO Properties
Asset Managers are getting overwhelmed with new listings. Some have over 1,000 properties to manage at one time. Banks either manage their own REO’s or they hire asset management companies. An asset management company deals with the property by doing any clean up, changing the locks on the doors, evicting the tenants etc. An asset management company or an reo asset manager a lot of times has their own realtors that they have worked with in the past. However, with the changing and constantly expanding countrywide market they need to establish new relationships with realtors and brokers. Especially in new areas where they have no experience. They need the expertise of a local real estate broker or agent to tell them what to set the price at and what they should do to get the property sold quickly.
PMI Mortgage Insurance Company Predicts Home Price Plunges
According to California's PMI Mortgage Insurance Co., prices are expected to continue falling through the first quarter of 2011 in more than half of the nation's largest metropolitan areas.
David Berson, PMI's chief economist and strategist, rising foreclosures and unemployment, which hit 9.5 percent in June, have increased the risk for a further depression in property values. Berson also noted that the widespread weakness in prices, combined with relatively low interest rates, have improved housing affordability across the nation and should continue to lure both repeat and first-time homebuyers back in to the market.
Based on PMI's Second Quarter 2009 Economic and Real Estate Trends Report, as many as 324 – or 85 percent – of the nation's 381 metropolitan statistical areas (MSAs) are now facing increased risk of lower home prices in 2011. The foreclosure-ravaged states of Florida, California, Nevada, and Arizona continue to be the areas most likely to see further price depreciation, PMI said the risk is now spreading to all corners of the nation.
Among the nation's 50 most populous MSAs, 28, or 60 percent, now fall into PMI's highest risk category, signifying the greatest probability of lower house prices by the first quarter of 2011, relative to the first quarter of 2009. However, the company's forecast also shows moderating price declines in some of the largest MSAs for the remainder of 2009 and into 2010.
PMI ranks the nation’s 50 largest MSAs according to the likelihood that home prices will be lower in two years. The company's Risk Index uses economic, housing, and mortgage market factors (home price appreciation, employment, affordability, excess housing supply, interest rates, and foreclosure activity) to determine these probabilities.
Following this methodology, PMI said the 10 riskiest MSAs, not surprisingly, were primarily in California and Florida. They are (with No. 1 in the list below being the most at-risk for home price depreciation):
1. Riverside-San Bernardino-Ontario, CA
2. Miami-Miami Beach-Kendall, FL
3. Los Angeles-Long Beach-Glendale, CA
4. Ft. Lauderdale-Pompano Beach-Deerfield Beach, FL
5. Las Vegas-Paradise, NV
6. West Palm Beach-Boca Raton-Boynton Beach, FL
7. Orlando-Kissimmee, FL
8. Tampa-St. Petersburg-Clearwater, FL
9. Santa Ana-Anaheim-Irvine, CA
10. Phoenix-Mesa-Scottsdale, AZ
The 10 most stable MSAs in terms of price depreciation (with No. 1 being the most stable) are:
1. Cleveland-Elyria-Mentor, OH
2. Pittsburgh, PA
3. Columbus, OH
4. San Antonio, TX
5. Houston-Sugar Land-Baytown, TX
6. Dallas-Plano-Irving, TX
7. Fort Worth-Arlington, TX
8. St. Louis, MO
9. Charlotte-Gastonia-Concord, NC-SC
10. Nashville-Davidson-Murfreesboro-Franklin, TN