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Las Vegas Year-Over-Year Home Sales Drop for First Time in 21 Months
By: Brittany Dunn As fewer foreclosed properties sold and the impact of the federal homebuyer tax credit began to fade, May marked the first time in 21 months that Las Vegas region home sales dropped below the year-ago level, MDA DataQuick recently reported. According to the San Diego-based property data provider, a total of 4,386 […]
Continue reading...Delinquencies Inch Up in May, Foreclosure Inventories Remain Flat: LPS
6. July 2010
By: Brittany Dunn The seasonal improvement period for delinquencies and foreclosure inventories has come to a halt, according to an industry report released Thursday by Lender Processing Services (LPS). The Florida-based analytics firm’s monthly Mortgage Monitor report found that the total U.S. delinquency rate jumped to 9.2 percent in May, inching up 2.3 percent from […]
Continue reading...VA Extends Mortgage Relief to Veterans Affected by Gulf Oil Spill
2. July 2010
By: Carrie Bay The Department of Veterans Affairs (VA) has joined federal agencies Fannie Mae and Freddie Mac in offering mortgage relief to borrowers who may be impacted by the BP oil spill still ravaging the Gulf Coast. The VA recently issued a notice to servicers of VA-guaranteed home loans instructing them to “extend every […]
Continue reading...Financial Reform Legislation Calls for HVCC Replacement
1. July 2010
By: Carrie Bay The Home Valuation Code of Conduct (HVCC) instituted by Fannie Mae and Freddie Mac in May of last year has been a topic of heated debate and driven a wedge between industry players since it took form. The GSEs say it has eliminated undue influence and conflicts of interest on appraisals, while […]
Continue reading...Florida Reps. Introduce Bill to Protect Gulf Residents from Foreclosure
30. June 2010
By: Brittany Dunn U.S. Reps. Jeff Miller (R-Florida) and Adam Putnam (R-Florida) have introduced legislation to provide mortgage forbearance to homeowners in the areas affected by the BP oil spill. “People in Northwest Florida are already dealing with the impact of oil on their shores and are worried about the long-term economic and environmental impact […]
Continue reading...Government Agencies Hold 46% of REO Inventory…and More Is Coming
29. June 2010
By: Carrie Bay As the GSEs and other federal agencies involved in housing finance sell their collective inventory of repossessed homes, they will generate significant pressure on prices, according to a new report from the real estate analytics firm Radar Logic. And with an even larger share of government-backed loans in the delinquency pipeline, their […]
Continue reading...Regulators Point to Improving Loan Performance Across-the-Board
28. June 2010
By: Carrie Bay Performance of home mortgages serviced by the largest national banks and federally regulated thrifts improved earlier this year, for the first time in more than 24 months. According to a report released Wednesday by the Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS), home loan […]
Continue reading...Ocwen’s HAMP Trials Adhere to 3-Month Timeframe
25. June 2010
Ocwen Financial Corporation, a Florida-based servicer of subprime mortgages, continues to find its name at the top of the list of key performance metrics when it comes to the federal government’s Home Affordable Modification Program (HAMP). The U.S. Treasury’s just-released HAMP record card MHA Public 062110.pdf puts Ocwen in the upper echelon on several critical […]
Continue reading...Fed Maintains Near-Zero Interest Rate
24. June 2010
By: Carrie Bay The Federal Reserve decided Wednesday to keep the target range of its benchmark federal funds rate at 0 to 0.25 percent – a level it’s maintained for a year and a half now. The continued holding pattern was widely expected, although central bank officials noted in their monetary policy statement that market […]
Continue reading...Pre-Foreclosure Notices Facilitate Targeted Outreach in New York
23. June 2010
By: Carrie Bay Ninety-day pre-foreclosure notices have been sent to 57,256 New York homeowners who have fallen behind on their mortgage since February 13, 2010, according to the New York State Banking Department. The five counties with the highest number of pre-foreclosure filings on owner-occupied homes in the state are Suffolk with 8,293, Queens with […]
Continue reading...Government Gives Itself High Marks on New Housing Scorecard
22. June 2010
By: Carrie Bay The U.S. Treasury and HUD on Monday released a new monthly scorecard, touting the success of the administration’s full scope of efforts to stabilize the nation’s fraught housing industry. HUD Secretary Shaun Donovan called the new scorecard a snapshot of the “total picture,” illustrating just how far the market has come back […]
Continue reading...Lenders Reclaim $10 Billion of Commercial Property: Report
21. June 2010
By: Carrie Bay Distressed commercial real estate is being reclaimed by lenders at a rapid pace, but relatively few assets are being marketed and re-sold. According to the research firm Real Capital Analytics, lenders acquired some $10 billion of commercial property during the first five months of this year – via foreclosure or negotiated settlement. […]
Continue reading...Mortgage Rates Hold Steady at Record Lows
18. June 2010
By: Brittany Dunn Still lingering near record lows, mortgage rates for the week ending June 17, 2010 were fairly level with last week’s averages, Freddie Mac and Bankrate reported Thursday. According to Freddie Mac’s Primary Mortgage Market Survey fixed-rate mortgages averaged 4.75 percent with an average 0.7 point this week, up slightly from last week’s […]
Continue reading...FHFA Orders Fannie, Freddie to Delist Stock from NYSE
17. June 2010
By: Carrie Bay The Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac to delist their common and preferred stock from the New York Stock Exchange (NYSE) and any other national securities exchange. “A voluntary delisting at this time simply makes sense and fits with the goal of a conservatorship to preserve […]
Continue reading...California’s Foreclosure Activity Drops Across the Board
16. June 2010
By: Carrie Bay Foreclosure activity in California is beginning to trend downward. The locally-based tracking firm ForeclosureRadar says its statistics dropped last month for every stage of the foreclosure process – with new defaults falling more than 17 percent. It’s the second straight month that the company has recorded across-the-board declines. Filings at each step […]
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7. July 2010
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