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Fewer Home Owners Report Equity in Homes

posted in Industry News, Loan Modifications, Short Sales on July 22, 2011

DAILY REAL ESTATE NEWS | FRIDAY, JULY 22, 2011 With falling property values, more home owners are reporting being underwater, owing more on their home than it’s currently worth. One in three home owners — or 33 percent — say that their home is worth less than the amount they still owe on their mortgage, while another 18 percent aren’t... Read More »

Some MARS Stipulations No Longer Enforced

posted in Industry News, Loan Modifications, Short Sales on July 19, 2011

By: Kristie Franks The Federal Trade Commission will no longer enforce most provisions set forth in the Mortgage Assistance Relief Services (MARS) Rule, according to a statement released Friday. The MARS Rule required real estate agents to make several disclosures when assisting distressed homeowners in obtaining short sales from their lenders or... Read More »

Forecast: 15 top-performing real estate markets for remainder of 2011

posted in Industry News, Short Sales on July 8, 2011

Despite Q2 uptick, overall home prices expected to dip further by year’s end BY INMAN NEWS, FRIDAY, JULY 8, 2011. U.S. home prices rose slightly in the second quarter, but ultimately fell in the first half of the year and are likely to fall further in the second half, according to a report from data and valuation firm Clear Capital, released... Read More »

BofA Reaches Settlement With Investors Over Legacy Countrywide Deals

posted in Industry News, Loan Modifications, Short Sales on June 30, 2011

by Carrie Bay Bank of America has agreed to pay investors $8.5 billion to compensate them for Countrywide’s dealings years before the subprime lender was acquired by BofA. The company said in a statement Wednesday that the settlement resolves “nearly all” of its repurchase exposure stemming from legacy first-lien residential mortgage-backed securities... Read More »

Report: Slow Foreclosures and Oversupply Fuel Market Declines

posted in Industry News, Short Sales on June 27, 2011

by Heather Hill Cernoch Backlogged foreclosures, severe oversupply, and negative equity triggered a further decline in home prices in April, according to the latest RPX Monthly Housing Market Report from Radar Logic. The New York-based real estate data and analytics company tracks home prices in 25 major metropolitan areas across the country. Its... Read More »

Housing expert sees another price plunge

posted in Industry News, Short Sales on June 10, 2011

by Les Christie NEW YORK (CNNMoney) — In an off-hand remark before cameras and microphones, economist and housing market guru Robert Shiller opined earlier this year that he would not be shocked if there was another 10% to 25% in the nation’s home price plunge — and he’s not backing down from that statement. At a S&P Housing... Read More »

FTC to Collect $2.2M from Banned Loan Mod Companies

posted in Industry News, Loan Modifications, Short Sales on April 13, 2011

By: Heather Hill Cernoch The Federal Trade Commission (FTC) reached a settlement this week with two companies and three individuals, who are now banned from the mortgage relief services business and must pay $2.2 million in assets for consumer refunds. The FTC filed the proposed consent order in the U.S. District Court for the Southern District of... Read More »

March home sales in Phoenix area the most in 66 months

posted in Industry News on April 8, 2011

Phoenix Business Journal Good news on the residential real estate front. The 9,933 Phoenix-area sales transactions that closed in March marks the most sales in 66 months, according to the Arizona Regional Multiple Listing Service Inc. monthly statistics report. It’s also the fifth highest sales month since 2001. “Clearly buyers are taking advantage... Read More »

Bank Bailouts in the Black, Watchdog Asks “And the Toxic Mortgages?”

posted in Industry News, Short Sales on April 1, 2011

By: Carrie Bay The bailout programs used to prop up the nation’s banking system are now in the black. The U.S. Treasury announced this week that the investments it made in banks, beginning in 2008, to prevent the sector from folding under the weight of the financial crisis have now turned a profit. Three more financial institutions repaid a combined... Read More »

Congressional Panel Report Says Foreclosure Mitigation “Largely Failed”

posted in Industry News, Loan Modifications, Short Sales on March 16, 2011

By: Joy Leopold The final report released on Wednesday by the Congressional Oversight Panel (COP) regarding the programs and uses of money under the Troubled Asset Relief Program (TARP) paid special attention to foreclosure mediation programs, particularly the Home Affordable Modification Program (HAMP). The panel pointed out that TARP is expected... Read More »