With more than four million properties across the country delinquent on their mortgage payments by 30 or more days, managing and clearing out the inventory of distressed properties is a main key to any housing market recovery.
DataQuick, a real estate information provider based in San Diego, Calif. has launched a new analysis tool that helps lenders, servicers and investors evaluate distressed properties and also analyze their risk levels.
RiskFinder Distress enables users to track and analyze key distress events throughout the life cycle of a loan. This computer product provides investors and lenders the information needed to evaluate risk, determine the impact of distress sales on loss severity estimates, drive loss mitigation strategies and identify markets that are starting to recover.
“There is a significant opportunity in distressed properties if companies understand the risks and potential loss severity of each loan,” said John Walsh, president of DataQuick. “For buyers, the low cost of distressed properties provides attractive investment value, while servicers and owners need to understand how to mitigate their potential losses.”
RiskFinder Distress can track foreclosure, short sale and REO for sale by auction trends. The trends can be analyzed by geographic level and time period, with coverage available nationwide and by zip code.
“The biggest challenge in clearing out the inventory of distressed homes is in identifying the best strategy for limiting losses or for a profitable acquisition,” Walsh added. “RiskFinder Distress gives users the information and analysis needed to not only track distress trends, but analyze their influences on home prices and predicting loss severity.”
