The online listing service Homes & Land recently asked thousands of real estate agents for their opinions about their local real estate markets. The company found that only 10 percent believe the government's Home Affordable Modification Program (HAMP) has actually reduced foreclosures. Despite the low enthusiasm about HAMP, overall optimism seems to be improving, with most agents reporting an increase in homebuyer interest, and nearly half of the respondents saying home prices in their markets have bottomed out.
Mortgage insurance claims filed by servicers on defaulted loans are showing signs of tapering off, according to data released by the risk analysis and due diligence firm Clayton Holdings. Clayton's analysts attribute the decline to the increase in servicers' foreclosure prevention initiatives and fewer loans moving into REO status. They also noted that mortgage insurance providers are spending more time reviewing individual claims and evaluating servicers' modification decisions for continued insurance coverage.
It's no secret that for quite awhile commercial real estate (CRE) transactions, including distressed assets, have been at a standstill. But according to a new study by the global advisory firm AlixPartners, that could all change in 2010. In fact, the firm's findings suggest that investment opportunities in the commercial sector could be bigger in the months ahead than even in the heady days of the early 1990s.
As defaults continue to mount, the nation's mortgage companies are struggling to communicate with increasing numbers of troubled borrowers at a time when their resources are already stretched thin. Atlanta's SunTrust Bank chose to replace its predictive dialer technology with an automated communications solution from Varolii Corporation, and the lender says the results have been dramatic - shaving more than a day off its loss mitigation timeline and cutting first payment defaults by 62 percent.
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