Service Providers
By Andy Beth Miller | 05/24/2013
As sellers hold their grip on the market, buyers are starting to understand what it's going to take to stay in the game, according to responses in Redfin's second-quarter Real-Time Home-Buyer Report. The consensus that is emerging is that the present market is most definitely shifting into a seller's market with statistics showing that a scant 31 percent of homebuyers actually are of the opinion that it is a good time to buy in their local areas, this finding down from the recent 40 percent.
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By Tory Barringer | 05/24/2013
Freddie Mac's total mortgage portfolio expanded in April, but growth slowed as purchase and issuance activity declined from March, the GSE reported. According to Freddie Mac's monthly volume summary, its total portfolio grew at an annualized rate of 0.6 percent last month, a setback compared to March's 4.0 percent growth rate but still above January and February's contracting figures. As of the end of the month, the portfolio's ending balance was about $1.95 trillion.
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By Mark Lieberman, Five Star Institute Economist | 05/24/2013
Recent reports from the National Association of Realtors and the Census Bureau/HUD showed sharp increases in unit sales and prices, as well as increases in the inventory of homes for sale for April. Has housing turned the corner? Look again. Sales up, prices up, what's wrong with this picture? The last time both prices and sales of new homes increased in the same month was last September. In all of 2012, sales and prices moved in opposite directions in seven of the 12 months. What of course is missing from the two data sets is any indication of demand.
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By Tory Barringer | 05/24/2013
Residential Capital (ResCap), Ally Financial's former mortgage subsidiary, announced Thursday it had filed a motion with the U.S. Bankruptcy Court for approval of the previously announced agreement with Ally and ResCap's major creditors. Under the plan support agreement announced mid-May, Ally will contribute $2.1 billion to the ResCap estate to settle any and all claims between ResCap and Ally and potential claims held by third parties in relation to ResCap.
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By Esther Cho | 05/24/2013
As institutional investor activity continues in California, PropertyRadar decided to more closely examine who these investors are and their purchase patterns. To rule out smaller and individual investors, PropertyRadar tracked transfers in qualities greater than 10 from an LLC or LP. The firm reported LLC and LP purchases represented only 5.1 percent of transfer activity in 2012 and 4.5 percent in 2013. However, upon closer examination, PropertyRadar found institutional investor activity was mainly concentrated in certain counties.
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By Esther Cho | 05/24/2013
Distressed Asset Logistics (DAL), a firm that works with banks, credit unions, mortgage banks and asset management firms to streamline default services and REO activities within the enterprise, announced it will serve as a consultant to Asset Management Specialists (AMS), one of the nation’s largest asset management companies.
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By Esther Cho | 05/24/2013
Clear Title Agency of Arizona selected Scott Pearson to join the fast-growing title and escrow company as chief title officer.
Pearson will lead the commercial escrow division and focus on new growth.
Before joining Clear Title, he served as state manager at RedVision Systems in Arizona.
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By Esther Cho | 05/24/2013
In April, the share of sales involving foreclosures and short sales maintained their downward path, falling to the lowest level since 2009, according to the Campbell/Inside Mortgage Finance HousingPulse Tracking survey. Using a three-month moving average, the survey found distressed sales accounted for 33 percent of home purchases in April, a decrease from 35.6 percent in March and 43.6 percent in April 2012. As expected, investor activity also slowed during the same time period.
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By Andy Beth Miller | 05/24/2013
The Federal Reserve Bank of Cleveland recently compiled a comprehensive report to aid the creation of a more effective environment for which Ohioans can navigate (and stabilize) their state's housing market successfully. There are five main policies that the Cleveland Fed presented, calling for careful consideration from Ohioans. The first policy attempts to address the age-old issue of foreclosures, vacancies, and low-value or abandoned properties.
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By Esther Cho | 05/23/2013
Freddie Mac is in the process of securitizing over $1 billion in performing loans that were modified.
The modified loans have been performing for at least six consecutive months and were held in the company's mortgage portfolio. "Securitizing loans that have been modified and are now performing will allow Freddie Mac to better manage its mortgage-related investments portfolio," said Adama Kah, Freddie Mac VP of distressed assets management.
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