In the article, "Popularity of Short Sales Waning?"1 by Daren Blomquist, vice president of RealtyTrac, the author stated: “After a surge in short sales in late 2011 and early 2012, the favored disposition method for distressed properties is sClick to continue
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
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
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 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 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
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
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
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
The Demand Institute recently published a 96-page report detailing the importance of housing for the American people. Housing, by their definition, takes into consideration apartments, estates, everything in between.Click to continue