Soon after FICO announced a new service that will help credit unions' mortgage servicers, among others, predict mortgage defaults, another firm has announced a similar service that will predict default by looking at late fee payments to homeowners associations.
RealtyTrac, the leading online marketplace for foreclosure properties, released its most recent foreclosure sales report that shows that properties in some stage of the foreclosure process made up almost a third of property sales in the first quarter of this year.
RealtyTrac says average sale price of foreclosed properties nationally is 27% below price of non-foreclosed properties.
Document-driven backlog forces causes drop in foreclosure rate, firm says.
RealtyTrac, a leading source of data about U.S. real estate foreclosures, has reported the numbers of properties in some stage of foreclosure dropped significantly in February, but not because the foreclosure problem is lessening.