Subscribe to the print edition of National Mortgage Professional MagazineSubscribe to our RSS feedFollow us on TwitterGet daily updates via emailJoin us on Facebook

short sales

Foreclosure Inventory Found to be Significantly Higher in Judicial States

Black Gavel Pic/Credit: Brand X Pictures

The Data and Analytics division of Black Knight Financial Services (BKFS) has released its latest Mortgage Monitor Report, looking at data as of the end of June 2014. An analysis of the month's mortgage performance data showed that the nation's inventory of loans in foreclosure is disproportionately distributed in states with judicial foreclosure processes.Click to continue

The Long and Short: The Business of Short Sales ... Two "Fixes" to Use for Past Short Sellers Who Receive a Foreclosure Code on Past Short Sale Credit

Underwater Home Pic

Past short sellers who are now eligible to re-enter the housing market again are stunned to learn that their past short sale is credit coded as a foreclosure. The problem is typically seen for the first time in both Fannie Mae and Freddie Mac automated underwriting systems (AUS). Fannie Mae's Desktop Underwriter (DU)/Originator (DO) notates in the findings which account is flagged as a foreclosure.Click to continue

Nearly 40,000 U.S. Homeowners Granted Permanent Loan Mods in May

Foreclosed Home Sign

HOPE NOW has released its May 2014 loan modification data, finding that an estimated 37,000 homeowners received permanent, affordable loan modifications from mortgage servicers during the month of May. This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP).Click to continue

NJ Man Pleads Guilty in $2 Million Short Sale Scam

Black Gavel Pic/Credit: Brand X Pictures

The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) has announced that Delio Coutinho of Colonia, N.J., pleaded guilty before U.S. District Judge Susan D. Wigenton in Newark, N.J., federal court to an information charging him with conspiracy to commit wire fraud. Through the plea, Coutinho admitted his role in a large-scale mortgage fraud scheme that caused millions of dollars in losses.

According to documents filed in this case and statements made in court:Click to continue

Las Vegas-Area Home Sales Drastically Slow in February

Home for Sale Pic

Las Vegas-area homes sold at the slowest pace for a February in five years as the inventory of homes for sale remained tight and some buyers faced credit and affordability challenges. The median price paid for a home edged up from January and rose 24 percent from a year earlier, marking the 16th consecutive month with an annual gain over 20 percent, according to San Diego-based DataQuick. In February, 3,230 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County).Click to continue

Southern California Home Sales Dip to Six-Year Low in February

House For Sale/Credit: Jupiterimages

Southern California home sales dropped to the lowest level for a February in six years as many would-be buyers struggled with inventory constraints, credit hurdles and reduced affordability. The median price paid for a home edged up slightly from January and remained nearly 20 percent higher than a year earlier, according to San Diego-based DataQuick. A total of 14,027 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month.Click to continue

Blackstone Group Curbs Distressed Property Shopping Spree

House_Cart_03_14_14

The Blackstone Group, a private-equity firm that has recently been buying up foreclosed homes and renting them out to former distressed homeowners, has dialed-down their purchasing operation significantly.Click to continue

Negative Equity Rate Dips Below 20 Percent to Close 2013

Underwater Home Pic

The national negative equity rate ended 2013 below 20 percent for the first time in years, dipping to 19.4 percent of all homeowners with a mortgage, according to the fourth quarter Zillow Negative Equity Report. Nationally, more than 9.8 million homeowners remain underwater, owing more on their mortgage than their home is worth. Negative equity has fallen for seven consecutive quarters as home values have risen, freeing almost 3.9 million homeowners nationwide in 2013.Click to continue

Short Sales and Foreclosures Account for Nearly One-Fifth of All U.S. Home Sales in January

Foreclose_Signage

RealtyTrac released its January 2014 Residential & Foreclosure Sales Report, which shows that institutional investors — defined as entities purchasing at least 10 properties in a calendar year — accounted for 5.2 percent of all U.S. residential property sales in January, down from 7.9 percent in December and down from 8.2 percent in January 2013.

The January share of institutional investor purchases represented the lowest monthly level since March 2012 — a 22-month low.Click to continue