ClosingCorp welcomed a new SVP of sales. Mark Nogaki was selected for the position and is charged with growing the company's portfolio of data and technology services within the mortgage, title, settlement, and real estate industries.

The American Legal & Financial Network (ALFN) expanded its executive leadership team with one promotion and one new hire.

Foreclosure inventory in California continued its steady decline in November, according to data from ForeclosureRadar. The total number of preforeclosures, foreclosures scheduled for sale, and REOs fell 7.6 percent from October to November and declined by 31.8 percent from a year ago. ForeclosureRadar said, ""the significant decline in foreclosure inventory over the past year has contributed to what some are calling an 'inventory crisis' of total homes for sale."" The company attributes foreclosure cancellations as part of the reason for the decline.

On Monday, the CDPE hosted a webinar to discuss short sale updates through the government’s Home Affordable Foreclosure Alternatives Program (HAFA), which is part of the Making Home Affordable program. Laurie Maggiano, director of policy at Treasury's homeownership preservation office, and Alex Charfen, CEO of the Charfen Institute, led the conversation on the updates. The new policy changes for HAFA will take effect February 1, 2013, but servicers can begin implementing the changes earlier. One of the updates discussed during the webinar is the requirement for servicers to make a decision on a borrower's request for a HAFA short sale within 30 days.

The housing market has managed to be one of the few areas in the economy that is ""essentially unshaken"" by fiscal cliff uncertainties, according to a commentary from the Wells Fargo Securities Economics Group. Based on recent moves from the Federal Reserve, the commentary further noted the Fed ""appears to be banking on a housing recovery."" Last week, the Fed announced plans to continue buying $45 billion in long-term securities amid the expiring Operation Twist. The Fed also maintained its pace of buying $40 billion in MBS. In addition to actions from the Fed, the housing market has gained support from other factors such as an improving unemployment rate, increasing home prices and sales, and decreasing foreclosures.

The expectation for prices to continue rising is creating urgency among consumers to buy now, according to a Redfin survey of 1,084 active homebuyers. The percentage of homebuyers who believe prices are bound to move higher in the next 12 months increased to 71 percent in the fourth quarter from 61 percent in third quarter, according to the survey. While rising prices are causing some buyers to purchase now, low inventory is prompting others to hold off on their search.

Over the weekend, key players gathered in Long Island to assist struggling homeowners affected by Hurricane Sandy. The HOPE NOW Alliance organized the event, which provided face-to-face help from mortgage servicers, non-profit housing counseling organizations, and insurance companies, among others.

eMortgage Logic, LLC hired David Cooper to serve as the new SVP for the company's sales team.

Zillow, Inc. announced the completion of its acquisition of HotPads for approximately $16 million in cash. In late November, Zillow revealed plans to purchase the map-based rental and real estate search site.

Pam McCoach, who serves as branch manager of the company's Annandale office, was awarded an Honorary Life Membership by NVAR. In addition, Jon Wolford, manager of the company's Springfield, was appointed 2013 chair of the NVAR board of directors.