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VISIT US ONLINE @ DSNEWS.COM the number of distressed properties (90-plus days delinquent, in the foreclosure process, and REOs) not listed on the market. "Part of this is due to what happened here during the housing recession. Part of it is due to the tie-up of potential foreclosures in the courts. In any case, the size of the inventory means that it will take years to work off," the report from the local Realtors group stated. As long as these distressed properties are so visible in the market, they will continue to be a drag on prices. However, as Realtors and lenders start to more effectively maneuver their way through the landscape of short sales, this less harmful alternative to foreclosure is becoming more common in the industry. "In essence, lenders have discovered that the loss associated with a short sale is less than the loss from taking a property into inventory and absorbing the cost of holding that property and then selling it later. Realtors, for their part, have learned how to market short sales in an efficient fashion," noted the state association's report. The report further explained that for most of 2008, both lenders and Realtors were confused about the short sale process in terms of the necessary paperwork and lenderspecific policies and time frames. The number of foreclosures and REOs have also declined, meaning fewer properties are adding to the state's shadow inventory. And, according to the Florida Realtors report, the flow of new seriously delinquent loans moving into the shadows seems to be offset by the roughly equal number of distressed property sales. While the report projects another decade or so before the state trims off the excess supply of distressed homes, local Realtors say the number of years really "depends upon the revival of the economy and the real estate market, the decisions in the courts, and the shape of regulation that comes out of the current policy debates over the future of Fannie Mae and Freddie Mac." and small balance commercial loans, including forensic due diligence, non-performing loan reviews, acquisition and securitization reviews, data integrity reviews, and quality control. The group works with issuers, originators, and investors on pre-securitization and loan quality projects. It also provides underwriting support to press or defend buy-back claims. Mark Hughes, a CoreLogic VP, heads the due diligence business, which operates two underwriting centers in Jacksonville and Sunrise, Florida. "With our S&P approval we will now offer unique data-enhanced diligence/underwriting solutions to identify forensic issues, value portfolios and help originate securitizable loans," said Hughes. rank: 30 90+ Day Foreclosure Unemployment Delinquency Rate RateRate march 2012 4.63%2.73% 9.0% year ago 4.93%3.18% 9.8% percent point change -5.9%-14.2%-8.2% Top County HEARD COUNTY 90+ Day Delinquency Rate 5.25%5.02% year ago 6.58%2.82% percent point change -20.2%77.9% Top Core-Based Statistical Area GAINESVILLE, GA 90+ Day Delinquency Rate march 2012 9.8% Increase in home prices in Orlando, Florida, from April 2011 to April 2012, giving it the biggest annual gain among large metros. Source: Clear Capital Driven by the inDustry, for the inDustry Foreclosure Rate march 2012 STAT INSIGHT Foreclosure Rate 4.57%3.52% year ago 4.61%3.42% percent point change -1.0%3.0% note: The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the March 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary March 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. Georgia Nancie Lyons Realty NANCIE LYONS c: 828.361.0003 www.nancielyons.com nancie@nancielyons.com MEMBER KNOW THIS S&P Approves CoreLogic for ThirdParty Due Diligence CoreLogic has been approved by Standard & Poor's (S&P) as a third-party due diligence provider for residential mortgage-backed securities (RMBS) rated by the agency. CoreLogic's due diligence division offers a variety of services for residential mortgages Georgia Help shape the next issue of DS News. Drop us a line at Editor@DSNews.com. Georgia had the 10th highest 90-plus day delinquency rate for a non-judicial state in March at 7.5%, according to CoreLogic. 93