News

In an ongoing effort to improve housing education for consumers, the U.S. Department of Housing and Urban Development (HUD) announced it has awarded $40 million in grants to hundreds of national, regional, and local organizations to bolster housing counseling programs.

An index measuring leading economic indicators in the United States posted its third straight increase in April, suggesting economic growth might be ready to take off in the coming months following a weak first quarter.

According to estimates released Friday by the Commerce Department, sales of new single-family homes last month were at a seasonally adjusted annual rate of 433,000, a 6.4 percent improvement over March’s upwardly revised rate of 407,000. March sales were originally reported at 384,000.

Homes are selling faster and at higher prices in the metropolitan Chicago real estate market in April, according to a recent analysis of market activity by RE/MAX. However, sales of distressed homes, either through foreclosure or short sales, fell off steeply for the month as the housing market continued to work through the foreclosure process.

DocuTech Corporation announced two additions to its Product Management Team, adding Anthony Williamson and transitioning Judy Lysaght to a new role within the firm.

In a recent ranking of the best beach town's by RealtyTrac, Hawaii held a slim majority over California and Florida with 11 of the top 20 beach markets in the nation. The company based its selections on four criteria: average temperature, percentage of sunny days, percentage of days with good air quality, and crime rates.

In its weekly Primary Mortgage Market Survey, Freddie Mac recorded the average rate for the 30-year fixed-rate mortgage (FRM) at 4.14 percent (0.6 point), down from 4.20 percent last week. Last May, the 30-year fixed was at 3.59 percent and climbing amid speculation the Federal Reserve would soon start tapering its monthly asset purchases. The first cut didn't arrive until seven months later, in December.

A curious piece of text is appearing in some homeowner's loan modification agreements—by accepting a modification from a bank or non-bank servicer, the homeowner agrees to never publicly say, write, or post anything negative about the company doing the modification. Originally in a report from Reuters, Ocwen, Bank of America, and PNC Financial Services Group are adding new terms to their modification contracts to prevent homeowners from publicly disparaging the companies.

Lynn Effinger, EVP at ZVN Properties and a veteran of the mortgage servicing industry, recently moderated a special panel session on the fast-tracking of the foreclosure process on vacant and abandoned properties. The panel was held at the 12th Annual National REO Brokers Association (NRBA) Education Conference in Broomfield, Colorado.

A mayor in the Miami area has been suspended by Florida Gov. Rick Scott following a federal indictment alleging mortgage fraud. According to a report from the Miami Herald, North Miami Mayor Lucie Tondreau was suspended Tuesday after appearing in court to face charges related to her role in an $8 million fraud scheme.