Lenders Clearing House to sell REOs for HUD program
Real estate reseller Lenders Clearing House agreed to sell real estate owned properties for the U.S. Department of Housing and Urban Development Neighborhood Stabilization Program. The program was launched by HUD to stabilize American communities racked by foreclosure and distressed properties. The resale partnership will hone in on the Las Vegas market, an area deeply impacted by the housing meltdown. Lenders Clearing House said it will work directly with the government agency, as well as banks weighed down by REOs, to process 25 to 40 homes a week. Annually the firm hopes to resell about 1,300 to 2,000 REOs after partnering with HUD. The government specifically chose Lenders Clearing House to help deal with homes in Clark County, Nevada and Southern Nevada because of its experience in dealing with certified "move-in-ready" homes. The partnership's goal is to retain property values in Las Vegas while eliminating the risk of foreclosure blight. The Vegas area is still trying to recover from a dramatic real estate downturn. It's monthly sales results improved in September with the company reporting that 5,412 homes were sold last month, according to DataQuick. That's up 19.3% from July and 26.4% from a year ago. Still, home prices are not improving. They either stayed the same or trended downward last month, DataQuick said. Write to Kerri Panchuk.