There were 3.65 million existing-homes available for sale at the end of July, according to the National Association of Realtors (NAR). That tally is down 1.7 percent from June, but the time it will take to clear the supply from the market has lengthened to 9.4 months because sales have slowed considerably over the summer months. NAR says sales of existing homes fell 3.5 percent in July to an annual rate of 4.67 million. Short sales and REOs accounted for 29 percent of last month's volume.

Fitch Ratings has affirmed the long-term Issuer Default Ratings (IDRs) of Fannie Mae and Freddie Mac at 'AAA', citing the federal government's implicit guarantee that the mortgage giants will remain solvent and its explicit outlays of monetary support as key for the agency's decision. Fitch says the rating outlook for the two GSEs remains ""stable.""

A New Jersey judge has given the green light for five of six major mortgage servicers to resume uncontested foreclosures in the state after a formal review of their procedures demonstrated the ""reliability of their processes."" Bank of America, Citibank, JPMorgan Chase, Wells Fargo, and OneWest Bank have been granted permission to restart foreclosures. Ally's GMAC Mortgage is awaiting the court's decision. Since the beginning of 2011, just over 6,000 foreclosures have surfaced in the state courts, compared to 35,000 filings at this time last year.

Lenders continue to battle the headwinds of high unemployment, a stalled economic recovery, and a backlog of bad loans from the heyday of the housing boom - all playing into a marketplace stressed with high levels of delinquencies and complex resolutions. But the underpinnings of a new age of creditworthy, financially savvy borrowers are beginning to take shape. The counseling agency CredAbility says its Consumer Distress Index has improved for three consecutive quarters.

LenderLive Settlement Services LLC (LLSS), a division of national mortgage service provider LenderLive Network Inc., announced Tuesday the expansion of its business development team with the addition of Kimberly Joyce as national sales manager and Brad Noblit as regional account manager. Together, they bring more than 25 years of experience to the company.

U.S. Bank has announced several new initiatives to support the city of Milwaukee in its efforts to stabilize hard-hit communities through the Neighborhood Stabilization Program (NSP). The bank is setting up a $1 million restoration fund for developers to acquire and rehabilitate foreclosed properties in the city's designated NSP zones. It has also agreed to provide $15 million in mortgages to qualified borrowers in NSP zones over the next four years, and has committed to give more than $240,000 in grants to housing agencies working within the city.

Lender Processing Services (LPS) issued a report Tuesday which puts the number of mortgages that are delinquent or in foreclosure at 6,538,000. The company's assessment is based on mortgage performance statistics through the end of July, derived from its loan-level database of nearly 40 million mortgages. The grand total of past-due mortgages has risen by nearly 190,000 over the past two months. In June, LPS' tally of loans at least 30 days delinquent or in foreclosure was 6,452,000. In May it was 6,350,000.

SingleSource Property Solutions has announced the rollout of its proprietary 'cash for keys' calculator. The company says while many firms offer a cash for keys tool, they typically focus on carrying costs alone. SingleSource's calculator arrives at a monthly cost to carry and incorporates actual eviction and redemption timelines, while taking into account rent estimates and the tenant's perceived savings.

The term 'underwater' has become common industry jargon in today's marketplace of depressed home values and high loan balances, and it's increasingly making its way into the everyday vocabulary of consumers. Twenty-six percent of mortgage borrowers now say they are underwater, according to a new survey conducted by Fannie Mae. The GSE also found that the idea of being in negative equity is more prevalent among minorities, and that underwater borrowers are more likely to know someone who has defaulted on their mortgage.

Green River Capital, an REO asset management and loss mitigation provider for mortgage servicers, investment firms, credit unions, and banking institutions, announced Tuesday that its REOConnex asset management software is now available via a mobile application for the iPhone and iPad. The app allows agents to view all properties assigned to them, search for REO properties managed by Green River Capital, and view details and pictures stored in REOConnex.