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In reverse? In forward? Or just stuck? …Delivering flexible asset management solutions… • Custom Asset Management Strategy • Vendor Management • Aggressive Representation • Comprehensive Reporting • Propert Maintenance and Repair • Legal Network • Property Security REO Management Solutions (REOMS) is an industry leader in both reverse and forward asset management with clients that include commercial banks, savings and loans, investment bankers, pension funds, mortgage companies, and investors. With a seasoned staff of real estate and mortgage professionals, REOMS understands the methodologies to efficiently take a property from pre-marketing to final disposition. Our customers receive in-depth flexible reporting for optimum performance. REOMS widely deployed, technically advanced solution for asset management can customize a program that conforms to your asset management needs and requirements. www.REOToSell.com | 281-719-1700 522 Cypress Creek Parkway, Suite 105 | Houston, TX 77069 76 CASE-SHILLER INDICES NEAR FIVE-YEAR HIGH By Mark Lieberman, Chief Economist for the Five Star Institute Home prices rose to their highest levels in almost five years in May, increasing by a nonseasonally adjusted 2.5 percent, according to the latest S&P/Case-Shiller Home Price Indices. The 20-city composite reading was up 12.2 percent from a year earlier, hitting its highest mark since October 2008. The companion 10-city composite was up 11.8 percent annually, rising to it's highest level since September 2008. The index values in fall 2008 were continuing to decline, while the indices reported for May 2013 reflect a market on the rise. The indices have shown double-digit yearover year increases for three months in a row—a trend that's likely to revive concerns of a growing housing bubble. All 20 cities included in the survey improved both month-to-month and year-to-year as the home values found in the Case-Shiller report continued to shrug off distressed property discounts. According to the National Association of Realtors (NAR), distressed properties— foreclosures and short sales—accounted for 18 percent of home sales transactions in May (11 percent foreclosures and 7 percent short sales). Foreclosures, NAR said, sold for an average discount of 15 percent below market value, while short sales were discounted 12 percent. The monthly Case-Shiller Home Price Indices use the "repeat sales method" of index calculation, which includes data on properties that have sold at least twice in order to capture the appreciated value of each specific sales unit, according to the description of the index on the Standard & Poor's website. Monthly increases were led by San Francisco, where prices rose 4.3 percent, marking the 15th straight month of price appreciation in that city. Prices rose more than 3 percent in May in four other cities: Chicago (+3.7 percent), Atlanta (+3.4 percent), and San Diego and Seattle (both +3.1 percent). San Francisco also led among metros in annual price gains, up 24.5 percent from May 2012. It was followed by Las Vegas (+23.2 percent), Phoenix (+20.6 percent), and Atlanta (+20.1 percent). Eight other cities—Detroit, Los Angeles, Miami, Minneapolis, Portland, San Diego, Seattle, and Tampa—recorded doubledigit year-over-year price increases. Despite the May improvement, the 10-city index was down 25 percent from its June 2006 high of 226.29, and the 20-city index was off 24.4 percent from its July 2006 peak of 206.52.