REO

Having risen for the previous four months, mortgage interest rates stumbled in October, according to data from the Federal Housing Finance Agency (FHFA). Using data on more than 5,700 loans from 33 different lenders, FHFA calculated a composite contract rate of 4.32 percent for loans closed in late October, a decline of 4 basis points from September.

Home price gains decelerated on a monthly basis in September in 19 of the 20 cities tracked by the S&P/Case-Shiller Indices, with Las Vegas and Tampa experiencing the greatest slowdowns. All 20 cities reported annual growth, and 13 fared better than they did in August. Cleveland posted the strongest yearly gain, though it remains the second-worst performing city, beating only New York.

Pending sales of existing homes fell a bit further in October, according to the National Association of Realtors (NAR). The trade group's Pending Home Sales Index is a forward-looking indicator; derived from contract signings, rather than closed sales, pending sales figures typically lag actual sales by one to two months. October's reading was the lowest recorded by NAR since last December and marked the fifth consecutive monthly decline.

LRES, a California-based company specializing in commercial and residential valuations and asset management, announced it has received a Certificate of Authority to conduct business in the U.S. Virgin Islands. With the certificate, LRES is officially authorized to do business within 54 U.S. states and jurisdictions.

While many Americans paused their homebuying plans during the federal government's partial shutdown last month, purchase activity rebounded once the government reopened, with buyer competition more robust than expected, according to a Redfin. Out of the 22 markets covered in the brokerage's report, San Diego experienced the biggest increase in multiple-bid offers on homes for sale, while Boston saw the biggest drop.

Fast-paced price increases helped bring 1.4 million homeowners to the surface in the third quarter as their home values finally clipped their equity, according to the latest Negative Equity Report from Zillow. The third-quarter drop in negative equity was the largest on record for Zillow, dating back to early 2011. The negative equity rate now stands at 21 percent, down about one-third from a peak of 31.4 percent.

The nation's foreclosure inventory has contracted for 18 consecutive months and is now at its lowest point since the end of 2008, totaling 1.28 million loans, or just 2.54 percent of today's active mortgages, according to Lender Processing Services. The company's latest report assessing the performance of mortgage assets through the end of October shows the industry's foreclosure inventory rate has plummeted 29.61 percent from last year.

The lending division of Carrington Mortgage Services, LLC, appointed Kathy Pilgrim as branch manager of the company's facility in Duluth, Georgia. Pilgrim has nearly 15 years' experience in mortgage lending.

Who ever heard of banks helping their unemployed borrowers find jobs? Though it may be hard to believe, this concept is becoming a reality thanks to a company in Bend, Oregon. Realizing that job loss in the current economy is the major reason homeowners default on their mortgages, management of M&T Bank announced they'll be offering a pilot program of the company's services to their unemployed borrowers at no cost.

Existing-home sales translate to an annual rate of 5.12 million at the October sales pace, according to the National Association of Realtors (NAR). October's sales volume was down 3.2 percent from September and marked the second consecutive month of declining transactions. NAR blames low inventory, diminished buying power from rising prices and interest rates, and a restrictive credit environment for the drop in sales.