DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.
Issue link: http://digital.dsnews.com/i/84661
VISIT US ONLINE @ DSNEWS.COM "Mediation could be a valuable tool for homeowners and lenders going forward." Local real estate brokers John McGeough and Anthony Lamacchia addressed one overlooked aspect of the law in a blog post. "The intent of the law was to decrease foreclosures and in the short term it probably will. However in the long term it will probably increase them because distressed borrowers probably do not realize that if they do not respond to their bank or their bank's counsel within 30 days that they will automatically be waiving their 150-day right to cure period down to 90 days," they wrote. According to a recent report from the Michigan rank: 33 90+ Day 2.82% 3.54% -20.30% 90+ Day 2.16% year ago Warren Group, foreclosure activity for the state rose in the second quarter, with foreclosure petitions up 66 percent compared to the same quarter a year ago, to 4,783. The number of completed foreclosures in the second quarter also rose annually, ticking up 4 percent to 2,190. DebtX: CRE Loans Gain in Value for 7th Consecutive Month estate (CRE) loans as priced by DebtX continues to improve. The company says CRE loan values increased to 88.4 percent as of June 30, up from 88.2 percent at the end of May. In June 2011, loan values as reported by DebtX stood higher at 84.9 percent. "Commercial real estate loan prices rose The aggregate value of commercial real for a seventh straight month in June and have continued the upward trend of the past 15 months," said DebtX CEO Kingsley Greenland. "Rising prices have prompted a growing number of sellers to take advantage of liquidity in the marketplace. It remains a good time to sell due to strong investor demand." DebtX priced 54,946 CRE loans with 2.48% percent point change -12.81% 14.23% Top Core-Based Statistical Area FLINT, MI 90+ Day 4.40% year ago 5.24% percent point change -16.04% 0.50% note: The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90- plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the June 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary June 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. 3.08% Delinquency Rate june 2012 3.09% Foreclosure Rate 3.04% IN THE NEWS Michigan Man Purchases All Properties at Tax Foreclosure Auction dealer snagged each and every foreclosed property available for sale at a Michigan county auction. To the dismay of eager investors, Bill CELEBRATING OUR 12TH YEAR OF REO PROWESS WOMAN OWNED Real estate transactions shouldn't be diffi cult. At Millennium Properties, we know you're looking for seamless solutions to your REO portfolio. We can tailor these solutions to meet yours or your clients' specifi c needs. a $766.1 billion aggregate principal balance during the month of June. Headquartered in Boston, DebtX is a full-service loan sale advisor for commercial, consumer, and specialty finance debt. DebtX operates an online marketplace for loan sales, serving commercial banks, investment banks, insur- ance companies, and the GSEs. KNOW THIS Springfield, Massachusetts, is ranked by RealtyTrac as the second best metro in the country for buying or investing in foreclosures. For around $4.8 million, a former yacht Delinquency Rate Foreclosure Rate june 2012 2.21% year ago 2.46% percent point change -10.33% Top County MANISTEE COUNTY Delinquency Rate june 2012 3.47% Foreclosure Rate Unemployment Rate 8.6% 10.6% -18.9% c: Caryn 248.320.5760, Jerry 248.755.5600 cjsellsre@comcast.net, jerry@takishomes.com o: 248.681.8300 www.legacy4u.com Caryn Jensen Jerry Takis Combined years experience: 40+ Michigan McMachen bought all 645 foreclosed prop- erties at a tax foreclosure auction in Macomb County, according to local media. Among the properties bought, 403 were residen- tial, 235 were vacant land, and seven were commercial. Some 300 other investors were reportedly present at the auction and ready to bid until McMachen scooped up every asset available. McMachen told a local television station, Serving all of Oakland & Macomb Counties WE KNOW REO MICHIGAN millennium properties Millennium Properties & Mgt Co LLC 4614 Elizabeth Lake, Road Waterford, MI 48328 fax: 248.683.0052 Real Estate – simplifi ed 248.683.0050 Lisa Benfi eld millenniumproperties@msn.com www.LisaBenfi eld.com NAR, MAR, NAHREP, Woman Owned, Equator Platinum, Resnet, Lamco, AMN and many other platforms however, that he is willing to sell some of the homes for near-auction prices, and those who are interested can take a look at the proper- ties before buying them, unlike the process at a foreclosure auction. According to AOL's real estate news website, McMachen expects to turn a $10 million profit from selling his investment properties for about 15 percent below their appraised value. RealtyTrac VP Daren Blomquist says purchases of properties in bulk at low prices can hurt home values in an area, especially if the investors treat the properties like stock and don't add value to the homes. Blomquist added that since the situation in Macomb was a tax foreclosure auction, it involves a county that is foreclosing on the property as opposed to a lender. 123