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Author Archives: Heather Cernoch

Radar Logic’s Home Price Index Hits Lowest Mark Since 2007

Radar Logic's latest RPX Composite, which tracks home prices in 25 major metros, declined to $179.50 per square foot in January, its lowest level since 2007. The company says the rapid decline suggests weak market fundamentals, including a high supply of homes coupled with high rates of mortgage defaults. The report also notes that sales of foreclosed homes by financial institutions, or ""motivated sales,"" made up 35 percent of all home sales as of January 20, the second highest share of motivated sales that Radar Logic has observed.

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Allonhill Names New Chief Operations Officer

Allonhill, an independent third-party review firm specializing in mortgage due diligence and credit risk management, has hired Craig Wildrick as COO. Wildrick, a 20-year financial services veteran, is responsible for overseeing day-to-day operations as well as the implementation and management of the company's due diligence and credit risk management services. He was formerly COO for Aurora Bank.

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Ohio Law Students Help Ease Foreclosure Mediation Process

Ohioans undergoing foreclosure mediation who can't afford to hire an attorney now have another option. Capital University Law School recently developed a program to connect law students with people going through foreclosure. Upperclass law students volunteer their time for the pro bono program to help homeowners understand the mediation process.

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Wells Fargo Workshop to Advise Mortgage Customers in Phoenix

Wells Fargo & Company will host a workshop in Phoenix for Wells Fargo Home Mortgage, Wells Fargo Financial, Wachovia Mortgage, and Wells Fargo Home Equity customers facing financial hardships. The two-day workshop is March 30 and 31 from 9 a.m. to 7 p.m. at the Phoenix Convention Center. Nearly 200 home retention team members will be on hand to ensure borrowers receive a decision on a loan modification or other option on site or shortly following the workshop.

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NDeX Welcomes New SVP of Foreclosure Operations

Michigan-based NDeX, a provider of technology and processing services for default servicing law firms nationwide, appointed Margaret S. Feskorn as its new SVP of Michigan foreclosure operations. Feskorn will work directly with EVP Richard Geary, who is responsible for the management of all Michigan non-legal foreclosure staff and their processes.

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Distressed Sales in Southern California Remain High

Southern California's distressed home sales - the combination of foreclosed home sales and short sales - made up more than half of the region's resale market in February, according to a new report from DataQuick. Foreclosure resales accounted for 37.1 percent of resales last month, while short sales were an estimated 19.8 percent. Absentee and cash buyers, primarily investors, are purchasing these homes in record numbers, but DataQuick expects this spring will see an infusion of more traditional buyers.

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Radar Logic’s Home Price Index Drops to New Low

Radar Logic's 25-metro-area RPX Composite price slumped to its lowest value last week since its peak in June 2007. Based on data from home sales that closed during the 28 days ending January 3, 2011, the value was at $183.18 per square foot. That's 34 percent lower than the 2007 peak value of $278. The company says last week's reading is lower than the price for any other date since May 14, 2003.

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NewOak Capital Names New Head of Commercial Real Estate

NewOak Capital, a New York-based advisory, asset management, and capital markets firm, recently hired David Eyzenberg as managing director and head of the commercial real estate division. Concurrently with his new position, Eyzenberg will continue to serve as an adjunct professor in the NYU masters of science in real estate program.

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Solidifi Meets Compliance Tests for New Appraisal Requirements

Solidifi U.S. announced this week the completion of an internal audit to ensure the company meets or exceeds financial regulatory reform. The company based its audit on the demands of the now-sunset Home Valuation Code of Conduct (HVCC), the Federal Housing Administration's (FHA) appraiser independence guidelines, the requirements of the Dodd-Frank Act and its supporting interim final rules, and revisions to regulators' interagency guidelines.

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Veros Expands Platform with IntelliReal’s iAVM

Veros Real Estate Solutions has expanded its third-party product offering through VeroSELECT with an intelligent automated valuation model (iAVM) from IntelliReal. The platform is designed to route and return AVMs and other forms of valuation products with secure management of vendors, users, products, and services.

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