Headlines

Safeguard Properties announced the formation of Safeguard Capital Group, a middle-market private equity fund focused on diversifying and expanding Safeguard Properties’ business model. With equity capital in excess of $100 million, Safeguard Capital leverages the strength and expertise of Safeguard Properties.

The Data and Analytics division of Black Knight Financial Services released its latest Mortgage Monitor Report, which analyzed data as of the end of April 2014. The report found that there were roughly 2 million modified mortgages facing interest rate resets, with 40 percent of those loan modifications currently underwater.

According to research results put out by TD Bank, 37 percent of homeowners who purchased within the last decade required mortgage insurance. Looking at just the last two years, that number is up to 43 percent, reflecting the troubles buyers are having meeting normal down payment minimums as home prices march up.

In its weekly released Primary Mortgage Market Survey, Freddie Mac found the average rate for a 30-year fixed-rate mortgage (FRM) was 4.12 percent (0.6 point) for the week ending May 29, down from 4.14 percent last week and the lowest 30-year fixed average since October 2013. The 15-year FRM also slid down, averaging 3.21 percent (0.5 point) compared to last week's 3.25 percent.

As the housing market continues to mend, bringing hope to many formerly underwater homeowners or others who simply hoped for a good return on their investments, at least one group of young Americans has seen no relief in the improving market. HUD released a report this week chronicling the challenges young adults aging out of foster care face in finding safe, affordable housing.

Fannie Mae announced the expansion of the HomePath for Short Sales website. The website serves as a communication tool to help real estate professionals complete short sales and resolve challenges with Fannie Mae.

RealtyTrac announced recently that veteran licensing and business development executive Jeff Mattice has joined the company. Mattice will serve as VP of the Data Solutions team. In his new role, Mattice will help grow the company's expanding data licensing business.

The National Association of Realtors (NAR) recorded a 0.4 percent gain in its Pending Home Sales Index (PHSI) for April, bringing it up to 97.8. A measure of contract signings, the index serves as a forward-looking indicator for future sales activity.

The Bureau of Economic Analysis (BEA) released Thursday its second look at gross domestic product(GDP) for Q1, estimating an annualized 1.0 percent decline as private inventory investment dropped further than originally reported. BEA’s first estimate, released late April, put growth at an estimated annual rate of 0.1 percent compared to Q4’s final rate of 2.6 percent.

In Michigan, DLS Servicing Consultants and WorkSmart Database Masters have come together to release WaterfallCalc.com, a new Web-based Waterfall loss mitigation program for Federal Housing Administration (FHA) mortgages.