News

Sales of existing single-family homes in Florida rose 5 percent in the third quarter of 2008 compared to the same period last year, according to the latest housing statistics from the Florida Association of Realtors (FAR).

Overbuilding and a high rate of foreclosures have toppled Florida’s housing market, making it one of the worst in the nation. With ample supply to choose from, savvy buyers are turning their attention to bank-owned foreclosure auctions.

Aspen Grove Inc., a provider of workflow solutions for foreclosure, bankruptcy, eviction, and REO, yesterday released its newest version of REO management software, iAgent version 3.0. Changes to the program have been designed especially to increase REO management efficiency and broaden sales results due to its more efficient process management capability, the company explained in a press statement.

Fannie Mae and Freddie Mac announced this afternoon that they are suspending all foreclosures on mortgages that the two companies own. Both companies have ordered their national networks of mortgage servicers and foreclosure attorneys to halt all foreclosure sales and evictions involving occupied single-family properties.

Mortgage financier Freddie Mac announced today that in the third quarter of 2008, 94 percent of prime borrowers who originally had a 1-year conforming adjustable-rate mortgage (ARM) chose a new conforming fixed-rate mortgage when they refinanced.

The National Credit Union Administration (NCUA) has unveiled a plan to refinance billions of dollars of at-risk mortgages using funding from the Treasury’s Troubled Asset Relief Program (TARP). The initiative is aimed at helping credit union members preserve their homeownership by funneling federal loans to credit unions through the Central Liquidity Facility (CLF), the lending arm of the NCUA, the administration explained in a press statement earlier this week.

United States Housing and Urban Development (HUD) Secretary Steve Preston today announced that the HOPE for Homeowners (H4H) board of directors has approved changes to the program, designed to help more distressed borrowers refinance into affordable, government-back mortgages.

iEmergent, a Des Moines, Iowa-based market research, forecasting, and advisory services firm for the financial services, mortgage, and real estate industries, today issued its Mortgage Volume Forecasts for 2009 – 2013.

Job losses and economic uncertainty continue to impact the housing market in Illinois. According to the latest Illinois Association of Realtors (IAR) housing report, total home sales (which include single-family homes and condominiums) were 31,451 in the third quarter, down 21.

National Loan Auditors (NLA) is a newly formed loss mitigation company based in Walnut Creek, California, providing quality control, pre-close, and post-close auditing, risk assessment consulting, and fraud prevention to the mortgage and banking industries.