Magazine article Mortgage Banking

National REO Saturation Rate Hits Lowest Rate since April 2008

Magazine article Mortgage Banking

National REO Saturation Rate Hits Lowest Rate since April 2008

Article excerpt

Truckee, California--based Clear Capital reported that the national real estate--owned (REO) saturation rate dropped for the first time in 2012 and hit 20.5 percent--the lowest national REO saturation rate since April 2008. The REO saturation rate is the share of all sales that are made up of distressed properties. The rate dropped nationally because of both a decline in REO sales volume and an increase in non-distressed sales.

Clear Capital noted that the national REO saturation rate peaked at 40.2 percent in the first quarter of 2009. The current rate represents a 49 percent drop from that peak.

Clear Capital noted in its September Home Data Index (HDI) Market Report that national home prices in August marked the fourth consecutive month of yearly price gains. Prices at the national level were up by 2.9 percent compared to August 2011.

In the latest report, all four regions of the country posted rolling quarterly home-price gains. The West saw the strongest price gains at 3.8 percent, followed by the Midwest (2 percent), the South (1.5 percent) and the Northeast (0.5 percent).

Clear Capital's latest report shows Milwaukee's metro area topping the list of highest-performing major metro markets. …

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