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Nearly 10 million homes upside down

By Inman News, Friday, October 31, 2008.

More than 7.5 million single-family homes are worth less than their mortgages, and another 2.1 million were very close to being upside down at the end of September, according to an analysis by First American CoreLogic.

First American CoreLogic used automated valuation models to analyze its huge database of public records and produce what it claims is the industry's first state-level assessment of households with negative equity (click to download spreadsheet).  more...

Asking price cut on almost half of listings

By Inman News, Friday, October 31, 2008.

Inventories of homes for sale were down 9.6 percent from a year ago at the end of September as sellers cut asking prices on nearly half of listings in the 29 major metro areas ZipRealty monitors, the company said.

At the close of the third quarter, the markets with the biggest annual declines in inventory were Orange County (-28.9 percent), Las Vegas (-23.7 percent) and Denver (-22.2 percent).  more...

Price cuts boost sales

By Inman News, Friday, October 31, 2008.

Sales picked up from July to August in 12 of 25 metropolitan statistical areas tracked by Radar Logic Inc., as heavy discounts on "motivated sales" pushed prices down in all but a few markets.

Part of the recent pickup in sales reflects an expected seasonal uptick in market activity at the end of the summer, Radar Logic said. But In California, Arizona and Nevada, deep price discounts associated with foreclosures appear to have attracted buyers.  more...

Zaio selling assets of U.S. subsidiary

By Matt Carter, Friday, October 31, 2008.

Zaio Corp., a Canadian-based company that has built a database of photos, valuations and property information through a network of local appraisers and photographers, has closed down its U.S. subsidiary, Zaio Inc.

All of Scottsdale, Ariz.-based Zaio Inc.'s employees have received notices of termination and the parent company will sell off its assets, Zaio Corp. said Thursday.  more...