164261.jpg

Which County Had The Most REOs In 2014?

Which U.S. county had the most real estate owned (REO) properties last year?

According to a report from RealtyTrac, Monroe County, Pa. - with a population just under 170,000 - topped the list: At one point during the year, one-third of all the homes listed for sale in the county were REOs.

Along with Wayne County, Mich., these were the only two counties outside of Florida on the list of counties where REOs represented the highest percentage of home sales for 2014.

What follows are the top 10 counties, along with their populations, that had the highest percentage of REOs for the year:

 

1. Monroe, Pa. - 169,346 (34%)

2. Saint Lucie, Fla. - 278,246 (30%)

3. Duval, Fla. - 866,431 (30%)

4. Hernando, Fla. - 172,784 (28%)

5. Clay, Fla. - 190,891 (25%)

6. Marion, Fla. - 331,987 (24%)

7. Osceola, Fla. - 272,355 (24%)

8. Leon, Fla. - 276,506 (24%)

9. Wayne, Mich. - 1,822,469 (24%)

10. Seminole, Fla. - 423,389 (24%)

 

CoreLogic: Distressed Sales Continue To Drop

Distressed sales, including REOs and short sales, accounted for 12.8% of total home sales nationally in December - a drop of 1.2 percentage points compared to November and a drop of 2.8 percentage points compared to December 2013, according to a recent post on CoreLogic’s Insights blog.

Within the distressed category, REO sales made up 8.8% of total home sales in December, while short sales made up 4%.

Around the peak of the housing crisis, in January 2009, the distressed sales share totaled 32.4% of all sales, with REO sales making up 28% of that share.

“The ongoing shift away from REO sales is a driver of improving home prices, as REOs typically sell at a larger discount than do short sales,” explains Molly Boesel, senior economist at CoreLogic, in the post. “There will always be some amount of distress in the housing market, so one would never expect a zero percent distressed sales share, and by comparison, the pre-crisis share of distressed sales was traditionally about two percent.”

States with the largest share of distressed sales, as part of overall sales, in December included Michigan (23.6%), Florida (22.4%), Illinois (20.8%), Maryland (18.7%) and Connecticut (18.6%).

According to the report, Nevada experienced a 9.6 percentage point drop in the distressed sales share from a year earlier - the largest drop of any state.

Metropolitan areas with the largest share of distressed sales in December included Miami-Miami Beach-Kendall, Fla. (24.7%); Orlando-Kissimmee-Sanford, Fla. (24.2%); Tampa-St. Petersburg-Clearwater, Fla. (24.0%); Chicago-Naperville-Arlington Heights, Ill. (23.6%); and Las Vegas-Henderson-Paradise, Nev. (19.8%).

Riverside-San Bernardino-Ontario, Calif., had the largest year-over-year drop in its distressed share, falling by 10.8 percentage points from 24.6% in December 2013 to 13.8% in December 2014, according to the post.

 

VRM Mortgage Services Hires Tiffany Fletcher As SVP Of Compliance

Tiffany Fletcher has been hired as senior vice president (SVP) of compliance for asset management firm VRM Mortgage Services.

An industry veteran with more than 20 years of experience, Fletcher spent more than a decade at Fannie Mae, where she began as a senior team leader for the company’s national underwriting center and eventually became vice president of sales in credit loss management.

She also previously served as SVP of operations for Bank of America, where she managed vendor and service-provider relationships, ensured compliance with rapidly changing laws and regulations, and implemented a wide range of credit policy and control strategies that improved analysis and reporting processes.

In her new role, Fletcher will be responsible for managing risk mitigation, compliance, internal audits, quality assurance and vendor management initiatives.

REO

Which County Had The Most REOs In 2014?

 

 

 

 

 

sm_bod

sm_bod_i

sm_bod_b_i

sm_bod_b

hyperlink

sm_cal_date

SM_text

SM_caption

sm_subhead

SM_F_subhead

 

 

 

SM_F_1stpara

 

sm_bod_last_graph

SM_last_graph

 

SM_pullquote_text

SM_pullquote_text

sm_s_h

sm_s_h1

sm_names

 

 

SM_frontoffice_1stpara

 

 

 

SM_Frontoffice_Dropcap

Sidebar Headline