Sales for single-family residences dropped in the first quarter of this year, marking the first decrease since the fourth quarter of 2010, The Warren Group reported. Single-family home sales in the state fell year-over-year by 3.5 percent to 4,067 in the first quarter. Although sales were down, prices were up. The median price for a single-family home in Connecticut rose by 9.3 percent to $235,000 in the first quarter, up from $215,000 a year ago.

The national mortgage delinquency rate might be ""stubbornly high,"" according to TransUnion, but the delinquency rate would actually reflect normal levels seen 10 years ago if cure or foreclosure timelines were shortened. According to TransUnion, the first quarter national mortgage delinquency rate (60-plus delinquencies) was 4.56 percent, which is more than double the pre-crisis norm. However, when aging, 180-plus delinquencies were taken out of the equation, a new TransUnion analysis found the delinquency rate would actually be around 1 percent.

The available supply of foreclosures and short sales previously stunted the recovery for new home sales, according to CoreLogic's May MarketPulse report. Though, now that the supply of distressed homes and existing-homes for sale has fallen, there's more room for the new home sales market to expand. Citing data from the Census Bureau, CoreLogic reported new home sales have increased 19 percent from a year ago in March. Most new home sales are also concentrated in hard-hit suburban metro areas, which bring an economic stimulus to areas devastated by the housing recession.

Fannie Mae and Freddie Mac are offering the new Streamlined Modification Program to distressed borrowers before the effective date of July 1. As part of the program, Fannie Mae and Freddie Mac borrowers who are at least 90 days delinquent but no more than 720 days past due may be eligible for a modification that does not require the borrower to submit financial or hardship documentation.

As the housing market improves, so has the income for Realtors, according to a report from the National Association of Realtors (NAR). Median gross income for Realtors increased 25 percent to $43,500 in 2012, up from $34,900 in 2011, the association reported. Most NAR members (56 percent) are licensed as sales agents, while 27 percent are brokers. The findings are from the 2013 National Association of Realtors Member Profile, which surveyed 58,068 NAR members.

New York may be dealing with a heavy foreclosure burden, but the state is still bound for a strong economic recovery, according to a report released by HUD and Treasury. While foreclosures are improving across the country, New York has remained a concern due to its long foreclosure timelines and backlog of distressed inventory. Despite the obstacle, a report from the Obama administration highlighted factors that show how the market has proven itself in other ways. For one, the New York metropolitan area is the largest job market in the nation, and the area has shown economic resilience through the Great Recession.

Massachusetts experienced a steep 82 percent year-over-year drop in foreclosure starts in March, according to a report from The Warren Group.

While the likelihood of re-defaulting on a HAMP modification is smaller compared to private sector modifications, borrowers can become disqualified from the program if they miss three consecutive payments. According to the most recent Making Home Affordable Program report for March released by Treasury, the key to strengthening the chances a borrower won't become disqualified is to provide a significant payment reduction. ""Payment reduction is strongly correlated with permanent modification sustainability,"" the report concluded.

As the stream of foreclosure review settlement checks continue to be released, the Office of the Comptroller of the Currency (OCC) provided another update on the status of the checks' whereabouts. So far, after unleashing the first round of payments April 12, more than 2.2 million recipients have cashed or deposited more than $2 billion in checks as of May 9.

Lone Oak Fund, a California-based private mortgage lender, retained CohnReznick as its audit services provider. According to a company release, Lone Oak Fund is one of the largest bridge lenders in California, and CohnReznick currently ranks as the eleventh largest accounting, tax, and business advisory firm in the country.