Supply To Remain High For Extended Period
The real estate industry’s shadow inventory of repossessed and soon-to-be repossessed homes that aren’t visible as properties for sale has contracted, according to CoreLogic. Analysis released by the company Wednesday shows that the shadow inventory of residential properties as of January 2011 fell to 1.8 million, down from 2.0 million a year earlier. For the first time, CoreLogic also examined how loan modifications and short sales could reduce shadow inventory levels.
Three States Move To Ban Foreclosure Sales From Appraisal Values
With foreclosure sales steadily rising, four states are concerned that the use of the foreclosure sale prices in appraisals of neighboring homes is distorting the market.
Legislators in Illinois, Nevada, and Missouri have all proposed separate bills that would exclude or restrict foreclosure sales from being used as comparisons to determine the value of homes around them. Maryland had proposed a similar bill, but withdrew the legislation on Tuesday.
Treasury Will Publish Servicer Scorecard Based On HAMP Performance
Timothy Massad, acting assistant Treasury secretary, said this week that beginning next month Treasury will start publishing a scorecard grading the largest servicers based on their compliance with the Home Affordable Modification Program (HAMP).
Though members of the House voted yesterday to end the program, the Treasury is moving forward with its plans to grade servicers, basing the first report on servicer performance in 2010. The scorecards will be an added element to the monthly servicer performance reports that the agency already publishes.
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