Steve Jolly - The REO Expert for Greater Nashville

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• Tennessee Foreclosures Increase in June

  RealtyTrac, the leader in foreclosure information, has released its foreclosure report for June 2009. Foreclosure filings and REOs are up 31% in one month and are up 7.3% over last year. In June, Tennessee had 2,782 foreclosure filings and 1,893 REO making Read More... Posted Thursday, July 16, 2009 6:54 AM by Steven Jolly | 0 Comments Filed under: Real Estate, Market Conditions, REO, Foreclosures, Tennessee

• Loan Modifications Decline as Fannie Transitions

  Federal Housing Finance Agency Director James B. Lockhart today released FHFA’s latest Foreclosure Prevention Report detailing actions taken by Fannie Mae and Freddie Mac to prevent unnecessary foreclosures and keep people in their homes. The report Read More... Posted Wednesday, July 15, 2009 6:21 PM by Steven Jolly | 0 Comments Filed under: Real Estate, Market Conditions, Foreclosures, loan modification, Fannie Mae, Freddie Mac, FHFA

• Nashville's Rolling Mill Hill in Default

  Lenders have seized control of another Nashville condo project. The Rolling Mill Hill condominiums were forced into receivership Tuesday by a lawsuit filed by Bank of America on behalf of itself and other lenders. The suit also asks the court to allow Read More... Posted Thursday, June 11, 2009 12:58 PM by Steven Jolly | 0 Comments Filed under: Real Estate, Nashville, REO, Foreclosures, Mortgages, Default

• Real Estate & Foreclosure Activity Continues Downward Trend in Tennessee

  May 2009 Stats % Change - 1 Month % Change - 1 Year Average Sales Price $ 169,900 +3.1% -10.6% Closings 1783 +10.0% -28.9% Inventory 24,408 +0.7% -2.0% Foreclosures 3,569 +2.9% -23.2% Read More... Posted Thursday, June 11, 2009 6:17 AM by Steven Jolly | 0 Comments Filed under: Real Estate, Market Conditions, Market Trends, REO, Foreclosures

• Unemployment Drives More Borrowers Into Foreclosure

  The pace of prime borrowers going into foreclosure is accelerating, especially in states with mounting unemployment or property values that saw a big run-up during the housing boom. It's a marked shift from earlier this year, when foreclosures were Read More... Posted Wednesday, June 10, 2009 8:59 AM by Steven Jolly | 0 Comments Filed under: Real Estate, Market Conditions, REO, Foreclosures, unemployment, Mortgages

• Nashville Trails Nation in Foreclosure Rate

  The Nashville area foreclosure rate climbed in April but was still below the national average, according to First American CoreLogic, a research firm. The group found the rate of foreclosures rose to .62 percent of outstanding mortages in April, up from Read More... Posted Monday, June 08, 2009 9:01 PM by Steven Jolly | 0 Comments Filed under: Real Estate, Market Conditions, Nashville, REO, Foreclosures

• Nashville Ahead of Nation in Price Reductions

  Trulia announced today that 23.6 percent of current homes on the market in the United States have experienced at least one price cut, totaling $27.4 billion in reductions. The average price-reduced home has seen a listing price reduction of 10.6 percent. Read More... Posted Monday, June 08, 2009 8:45 PM by Steven Jolly | 0 Comments Filed under: Market Conditions, Nashville, REO, Foreclosures, Prices, Trulia, Price Reductions

• Clark Street Sets Up REO Buyer Database

  Clark Street Capital , a Chicago-based provider of asset management and advisory services, announced on Monday the launch of its Bank Asset Network . The company says the online portal is the first buyer-centric database of its kind offering a secure, Read More... Posted Tuesday, June 02, 2009 6:44 PM by Steven Jolly | 0 Comments Filed under: Real Estate, REO, Foreclosures, Sales

• Fitch Expects Re-Defaults on 75 Percent of Subprime Loan Modifications

  Fitch Ratings took a closer look at servicers' loss mitigation efforts among residential mortgage-backed securities (RMBS) in a special report issued last week. The agency found that while home loan workouts to avoid foreclosures have increased substantially, Read More... Posted Monday, June 01, 2009 8:32 PM by Steven Jolly | 0 Comments Filed under: REO, Foreclosures, Fitch Ratings, loan modification, Default

• BofA Modifies 64,000 Countrywide Loans

  Bank of America says it modified more than 64,000 Countrywide mortgages between December and March. The workouts are part of the bank's agreement with 42 state attorneys general to settle predatory lending charges against its Countrywide subsidiary. Read More... Posted Monday, June 01, 2009 8:29 PM by Steven Jolly | 0 Comments Filed under: REO, Foreclosures, loan modification

• HOPE NOW: April Workouts Hit New Record

  HOPE NOW announced this week that 270,000 homeowner solutions were completed in April. This is the largest number of workouts in any month since HOPE NOW began to compile data. Last month, HOPE NOW members and the mortgage lending industry modified 127,000 Read More... Posted Saturday, May 30, 2009 7:39 AM by Steven Jolly | 0 Comments Filed under: REO, Foreclosures, loan modification, HOPE NOW

• MBA: Delinquencies, Foreclosures Continue to Climb

  Foreclosures and mortgage delinquencies are still mounting and will continue to rise until the first quarter of 2011, driven primarily by increasing job losses, according to a new report issued by the Mortgage Bankers Association (MBA) on Thursday. The Read More... Posted Friday, May 29, 2009 11:10 AM by Steven Jolly | 0 Comments Filed under: Real Estate, REO, Foreclosures, Mortgages, Delinquency, Default

• Loan Modifications Fail to Stop Foreclosures

  Fitch Ratings is slated to release a report this week showing that 65 percent to 75 percent of modified subprime loans will still fall behind by 60 days or more within one year of the loan change . Although some experts believe that reducing the principal Read More... Posted Tuesday, May 26, 2009 11:21 PM by Steven Jolly | 0 Comments Filed under: REO, Foreclosures, Fitch Ratings, loan modification, redefault

• President Signs Foreclosure and Mortgage Fraud Legislation

  President Obama signed housing legislation this week to revamp a government foreclosure prevention program and bolster prosecution of mortgage fraud. The provision that would allow bankruptcy judges to modify loans had been stripped from the bill after Read More... Posted Saturday, May 23, 2009 4:54 PM by Steven Jolly | 0 Comments Filed under: REO, Foreclosures, Fraud, Mortgage, Legislation, Obama, President

• Tennessee's (almost) Double Digit Unemployement

  Tennessee 's unemployment rate jumped to 9.9% in April, setting a 25 year high. It is up 0.3% in a month and 3.9% in one year. We are higher than the national average of 8.9%, mainly due to job losses in manufacturing and distribution. Tennessee's Read More... Posted Friday, May 22, 2009 5:48 PM by Steven Jolly | 0 Comments Filed under: Foreclosures, economy, unemployment, Tennessee