Tag Archives: Attorneys & Title Companies

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.

The National Association of Home Builders expressed its support for a housing finance system that phases out Fannie Mae and Freddie Mac but maintains a degree of federal support. ""[A] federal backstop should be a fundamental element of bipartisan legislation moving forward,""said Rick Judson, NAHB chairman. The Bipartisan Policy Center Housing Commission and the Mortgage Bankers Association have also expressed support for a housing finance system that calls for an expanded role of private capital while maintaining a level of federal support as measure of last resort.

A year after the nation's largest mortgage servicers reached a monumental settlement with 49 state’s attorneys general and several federal agencies, the five servicers have reportedly provided assistance in the amount of $45.83 billion to 550,000 homeowners, according to the Office of Mortgage Settlement Oversight reported. The greatest portion of the total $45.83 billion distributed since the settlement went to ""relief to support home ownership."" About $24.7 billion went to these efforts. Short sales made up another significant portion of servicers' efforts, totaling $19.5 billion.

Economic activity expanded in the closing weeks of 2012, the Federal Reserve said in its periodic Beige Book released Wednesday, reflecting a slow but steadily declining unemployment rate and low rates of inflation--conditions the Fed said would have to be met before it raises interest rates. According to the Beige Book, districts reported stronger consumer spending--about 70 percent of the nation's GDP--with holiday sales ""modestly higher"" than in 2011. At the same time, the report said business contacts were ""citing concerns that consumers will spend cautiously due to ongoing fiscal uncertainty.""

Rogers Townsend welcomed a new default service attorney at the firm's office in Columbia, South Carolina.

Weathering Hurricane Sandy, sales of existing-homes increased in October, the National Association of Realtors (NAR) reported Monday. Total existing-home sales rose 2.1 percent to a seasonally adjusted annual rate of 4.79 million in October from a downwardly revised 4.69 million in September. September sales were originally reported at 4.75 million. October home sale are up 10.9 percent over October 2011. The median price of an existing single family home was $178,600 in October, up from a downwardly revised $178,300 in September (originally $183,900) and 11.1 percent ahead of the median price in October 2011, $160,300.

With the election now upon us, we have only a matter of days left to discuss and determine just which candidate to choose on Tuesday, and although there is certainly no crystal ball that can tell us exactly how each party's plan will pan out, there are professionals present in today's market that truly know their stuff. One such advisor we consulted regarding the "what ifs" of this election is Dale McPherson, president and CEO of Field Asset Services (FAS). Offering up possible scenarios from both sides of the fence, McPherson shakes his mental magic eight ball and surmises some enlightening post-election possibilities for the housing industry.

Genworth Financial announced its mortgage insurance unit is aligning with refinance guidelines from Fannie Mae and Freddie Mac.

The California Association of Realtors (C.A.R.) is not the only state-specific realtor group to be suspicious of FHFA's REO-to-rental initiative involving the bulk sale of REO inventory to institutional investors. The Florida Realtors stated that it has ""expressed concerns to The National Association of Realtors (NAR) about the issue and is requesting member feedback on how the FHFA bulk sales issue affects the Florida market.""

National Association of Real Estate Brokers (NAREB) is hosting a State of Housing in Black America (SHIBA) forum in Cleveland to discuss how the foreclosure crises, neighborhood blight, and natural disasters have continued to disproportionately impact minorities.