Posts Tagged ‘ Auction.com ’

Analysts Say Government Should Continue ‘Significant’ Role in Housing

Analysts Say Government Should Continue ‘Significant’ Role in Housing

11/08/2013 BY: KRISTA FRANKS BROCK

Ideally, the government should back up to 35 percent of all new mortgages, according to the median response given in a recent Zillow survey which polled 108 economists, real estate experts, and investment and market strategists.

Among those surveyed were analysts and authorities from such institutions as Barclays Capital, Equifax, the International Monetary Fund, Auction.com, Wharton–University of Pennsylvania, Local Market Monitor, and the Urban Land Institute.

The government currently backs about 90 percent of all new mortgages, and according to Zillow the last time the government held a 35 percent share of new originations was in 2006 “at the height of the housing bubble.”

Despite a widespread opinion that the government’s current majority share should be scaled back, about 58.4 percent of the experts and analysts surveyed say the government should continue to play a “somewhat significant,” “significant,” or “very significant” role in the housing market. Just 8 percent say the government should exit the housing market completely.

“Policy discussions centered on reforming the nation’s housing finance system have only just begun, and it will be very interesting to see what comes out of these debates and how much the market will react to new proposals,” said Stan Humphries, chief economist at Zillow.

Zillow polled sentiment surrounding government participation in the housing market as part of its quarterly Zillow Home Price Expectation Survey.

Zillow found market analysts generally expect price growth to dwindle but not stagnate over the next few years. Those surveyed anticipate price growth will reach between 5.6 percent and 8.3 percent for 2013. Next year, they anticipate a 4.3 percent rise in prices, and by 2018, they expect prices to increase just 3.4 percent annually.

“The housing market has seen a period of unsustainable breakneck appreciation, and some cooling off is both welcome and expected,” Humphries said.

Based on analysts’ forecasts, prices should exceed their May 2007 peak by 2018. By the end of 2018, the national median home price could exceed $200,000.

Winning Bidder in Loan Auction Sues Nationstar for Refusing Sale

Winning Bidder in Loan Auction Sues Nationstar for Refusing Sale

07/30/2013 BY: ESTHER CHO

Truman Capital Advisors and U.S. Bank filed suit against Nationstar Mortgage after the servicer decided not to complete the sale and transfer of 534 mortgage loans Truman Capital bid on through Auction.com.

According to the complaint, which was filed Monday in New York State Supreme Court, Truman Advisors bought the non-performing loans for an agreed price of $150 million.

A few days after Nationstar notified Truman Capital that it was the winning bidder, the complaint states the Lewisville-based servicer, acting through its agent

Auction.com, notified Truman Advisors that it “refused to complete the sale and transfer” of the loans covered by the winning bids.

The complaint alleges that Nationstar’s decision was “based principally, if not solely, on its belated realization that the reserve prices it had set for, and at which it had agreed to sell … was significantly lower than their fair market value.”

Truman Capital alleges Nationstar’s failure caused the company to suffer at least $35 million in damages.

However, a complaint filed by Nationstar against Truman Advisors last week states that under Auction.com terms, “[n]o obligation to sell shall be binding on Seller unless and until a written contract of sale or loan sale agreement is signed and delivered by Seller. Seller reserves the right to rescind any oral acceptance of a winning bid prior to the execution and delivery of an executed contract of sale or loan sale agreement for any reason.”

The complaint filed in federal court in California further states Nationstar never actually executed a written agreement with Truman Advisors to sell the loans bid on via Auciton.com.

Nationstar argued that it had “exercised its right to rescind any acceptance of a winning bid.”

Auction.com Recognized with Stevie Awards for Innovation

Auction.com Recognized with Stevie Awards for Innovation

BY: TORY BARRINGER

Auction.com received recognition at the 11th Annual American Business Awards (also known as the Stevie Awards) for its advances in the way buyers, sellers, and agents transact residential real estate.

According to a company release, Auction.com received one Bronze Stevie for the “Most Innovative Company of the Year (Up to 2,500 employees)” and a second for “Business Innovation of the Year—Consumer Services Industries.”

The awards celebrated the Irvine, California-based company’s launch of its consumer-to-consumer platform in 2012 and its subsequent success in bringing buyers and sellers together in a transparent process.

The awards were created to honor positive contributions of organizations and business people and are judged by more than 200 executives nationwide.

“Auction.com is proud to be recognized alongside such consumer technology brands as Apple and Dropbox,” saidSVP Jennifer Leuer. “Technology and e-commerce are a way of life for all successful businesses and our industry is no exception. Our success has come from not only recognizing new trends, but leading the technology revolution in real estate.”

In addition, Auction.com has also been named as a finalist for the “Most Innovative Tech Company of the Year” category, to be rewarded September 16. As a result of the nomination, the company is automatically included in voting for the People’s Choice Stevie Awards for Favorite New Products.

Auction.com Adds Online Research Center

Auction.com Adds Online Research Center

06/13/2013 BY: ESTHER CHO

Auction.com, headquartered in Irvine, California, announced the launch of an online market research division.

The Auction.com Research Center provides a range of free reports based on macro, commercial, and residential research.

The free reports include monthly employment monitors, as well as market-specific analysis covering the multifamily, hospitality, industrial, office and retail sectors in the nation’s top 10 commercial markets, which are Atlanta, Boston, Chicago, Dallas, Houston, Los Angeles, New York, San Francisco, Seattle and Washington, D.C.

The residential market reports include Atlanta, Boston, Chicago, Dallas, Houston, Los Angeles, Philadelphia, Phoenix, Riverside, and Tampa.

“Our goal is to support real estate investment decisions across the industry,” said Peter Muoio, Ph.D., chief economist and head of Auction.com Research. “By centralizing our findings and giving the industry access to our expertise, we hope to facilitate sound business practices that support ongoing market recovery.”

Muoio is founder of the research and consulting firm Maximus Advisors, which Auction.com acquired in December.

Fee-based reports are also available through the Research Center, and users can order custom reports as well.

“The paid reports provide different depths of analysis and include forecasts, submarket analysis, and deeper-dive information on the metro and property market in question,” Muoio added. “However, we make most of our findings broadly available so that industry practitioners, lenders, investors and individuals can make informed business decisions.”

The page also features a link to the Auction.com Research blog, which provides insight into the commercial real estate industry and economic topics.