Home / Author Archives: Krista Franks Brock (page 46)

Author Archives: Krista Franks Brock

Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia.

Radar Logic Reports Weak May Housing Market

Despite the usual tendency for increases in the spring season - with highest increases occurring in May - Radar Logic's May RPX Composite Price remained almost identical to its rate in January. The RPX Composite Price did increase month-over-month in both April and May. However, the slight increases were not enough to offset January's more substantial decline. The report revealed a 5.9 percent decrease year-over-year in May, the largest year-over-year decrease since September 2009.

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Robo-Signing Investigations Are Ongoing

While state attorneys general continue to work towards a settlement on robo-signing cases, investigations are still ongoing surrounding the practice. Two media outlets released reports this week alleging the practice is still prevalent in some states. That's prompted a response from lawmakers. Sen. Sherrod Brown says his subcommittee will hold another hearing on robo-signing, and letters have been sent to regulators from both congressional chambers requesting details on the steps servicers are taking to prevent illegal foreclosures.

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California Defaults Reach Lowest Rate in Four Years

For the second quarter of 2011, California homes entering the foreclosure process decreased to their lowest rate in four years, according to DataQuick, a San Diego-based company that tracks nationwide real estate activity. The number of notices of default decreased 17 percent from April to June when compared with the previous quarter and 19.2 percent when compared with the second quarter of last year. It was the lowest rate reported since the second quarter of 2007.

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Visionary Apps’ Complete Foreclosures App Now Offers RealtyTrac Data

Visionary Apps LLC announced Tuesday that its Complete Foreclosures app will now be powered by RealtyTrac data. The app, which previously included about 25 data fields, will now include up to 75 data fields with RealtyTrac data for more than 1.5 million default, bank-owned, and pre-foreclosure listings in more than 2,200 counties across the country. The free Complete Foreclosures app is customizable based on price, square footage, and numbers of bedrooms and bathrooms so that users can eliminate listings that are not relevant to them.

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Pro Teck and AMC Launch Due Diligence Platform

Pro Teck Valuation Services and American Mortgage Consultants (AMC) are teaming up to deliver real estate valuation review and reconciliation services through AMC's due diligence platform. Valuations are an important part of due diligence, loss mitigation, and buy-backs and put-backs. In order for companies to make sound investment risk management decisions, they need to understand all variables pertaining to valuation. AMC and Pro Teck announced their solution to the mortgage industry's due-diligence needs Tuesday.

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Housing Market Expected to Follow Overall Economy

Home sales are expected to outpace 2010 sales by 3 to 5 percent for the remainder of 2011 as the housing market follows the overall economy, according to Freddie Mac. The GSE's latest outlook, released Monday, suggests the housing market is not likely to see a full ""double dip."" According to the report, June's disappointing jobs report likely reflects a temporary ""soft patch"" in the economy rather than an inflection point in economic growth. Freddie's economists expect housing to shadow GDP forecasts and improve over the balance of 2011.

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Homeownership Rate May Decline Further

In recent years, the nation's homeownership rate has dropped closer to historical averages, after hitting an all-time high of 69.2 percent in 2004. The rate may fall even further, according to a paper by the Mortgage Bankers Association's Research Institute for Housing America (RIHA). The first-quarter U.S. homeownership rate was 66.4 percent, and analysts at RIHA suggest homeownership could drop by one or two more percentage points due to factors such as tightened credit.

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New Product Streamlines Short Sale Process for Real Estate Professionals

Denver-based Realis Real Estate Software (formerly REO Maestro) is launching a new software product for agents and brokers working with short sales. The new program, Prelude, is designed to allow real estate professionals to manage multiple short sale properties efficiently and effectively. Prelude will be available as a separate software platform and as an extension of Maestro, Realis' flagship product. The product includes a forms library, auto package generation, and borrower access.

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Some MARS Stipulations No Longer Enforced

The Federal Trade Commission will no longer enforce most provisions set forth in the Mortgage Assistance Relief Services Rule, according to a recent statement. The MARS Rule required real estate agents to make several disclosures when assisting distressed homeowners in obtaining short sales from their lenders or servicers. The rule also banned advance fee collection and prohibited false or misleading statements. After the Rule was enacted by Congress, several real estate agents complained that the disclosures often confused homeowners or misled them.

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Orlando’s Home Inventory Drops

At current the current sales pace, Orlando has a 4.37-month supply of homes. This is the lowest rate reported since December 2005. The average home sold in Orlando in June sold for 95.15 percent of its listing price.

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