Attorneys & Title Companies
By Carrie Bay | 03/12/2010
By grade school standards, the U.S. housing market would most likely get grounded, according to John Burns Real Estate Consulting's (JBREC) monthly report card issued this week. The market research and due diligence firm gave housing an overall grade of D+. Affordability, which the firm says is probably the most important indicator of short-term housing market performance, was able to pull out a C-, but the nation's housing supply got an F.
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By Carrie Bay | 03/12/2010
Foreclosed homes taken back by lenders and distressed short sales accounted for nearly half of all residential home sales in California in 2009, according to a market report released this week by the California Association of Realtors.
As one of the hardest-hit states by the housing downturn, the Golden State is littered with bank-owned properties and homes facing foreclosure, but the lower prices and increasing buyer appetite for these deals are helping to reduce some of California's distressed inventory.
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By Brittany Dunn | 03/12/2010
During the 2010 Multicultural Real Estate & Policy Conference last week in Washington D.C., the National Association of Hispanic Real Estate Professionals (NAHREP), the Asian Real Estate Association of America(AREAA), and the National Association of Real Estate Brokers (NAREB) introduced The Five-Point Plan: Creating a Sustainable Path to Minority Homeownership.
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By Brittany Dunn | 03/12/2010
In testimony before a House subcommittee Thursday, Charles McMillan, immediate past president of the National Association of Realtors (NAR), said the Federal Housing Administration (FHA) remains financially strong because it has taken steps to ensure solid underwriting standards and responsible lending practices.
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By Carrie Bay | 03/12/2010
It's been a year since the government's Home Affordable Modification Program (HAMP) was implemented and only 170,000 troubled homeowners have received permanent loan restructurings.
The number of modifications in the permanent column did increase 45 percent from 116,297 in January, but it's still a mere drop in the bucket when you consider the Treasury's own estimate that there are currently 1.8 million borrowers who are behind on their payments and eligible for the program.
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By Brittany Dunn | 03/12/2010
The Congressional Oversight Panel recently released a report finding that throughout the federal bailout of GMAC, Treasury missed opportunities to increase accountability and better protect taxpayers' money. Despite the $17.2 billion investment the government has made in the company, the panel says there is still no clear business plan for GMAC, and questions why the Treasury didn't just allow the lender to go into bankruptcy. Administration officials estimate that $6.3 billion of the funds given to GMAC may never be repaid.
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By Brittany Dunn | 03/11/2010
In an effort to help detect occupancy issues related to mortgage fraud, California-based Interthinx has enhanced its flagship FraudGUARD product. These changes come in response to a disturbing trend the company uncovered in its quarterly fraud risk report, showing a 16 percent increase in fraud risk associated with occupancy status.
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By Carrie Bay | 03/11/2010
With defaults on mortgages insured by the Federal Housing Administration (FHA) continuing to mount, lawmakers are pressing the federal agency to raise its minimum downpayment requirement from 3.5 percent to 5 percent. But in testimony on Capitol Hill Thursday, FHA Commissioner David Stevens flatly rebuffed the idea, citing statistical evidence that shows such an across-the-board increase would result in a 40 percent drop in the agency's loan volume.
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By Brittany Dunn | 03/11/2010
President Obama's Home Affordable Foreclosure Alternative (HAFA) program has been under intense fire this week. On Monday, a coalition of appraisal groups sent a letter to the Treasury opposing the program's use of BPOs, and on Thursday, the chief foreclosure expert at Ushud.com warned that HAFA is "rife with problems that will adversely impact real estate professionals and consumers alike."
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By Brittany Dunn | 03/11/2010
In the fourth quarter of 2009, delinquency rates continued to increase for most commercial and multifamily mortgage investor groups, the Mortgage Bankers Association (MBA) reported Thursday. Although delinquencies are still rising, MBA said earlier this week that commercial and multifamily mortgages are performing better than all other types of loans.
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