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Short Sale Agent Finder Offers Its Members Specialized Training Program

Short sales continue to rise along with demand for services provided by selling agents who have the knowledge and experience needed to successfully execute these complex, multifaceted transactions. Although short sales are becoming a bigger part of the housing landscape, ShortSaleAgentFinder.com says there is a shortage of real estate agents skilled in the art of the short sale.

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Citi Reports 42% Increase in Q2 Earnings, Lower Credit Losses

Citigroup reported a net income of $4.2 billion in Q2. The bank's earnings represent a 42 percent increase over Q2 2012's estimated $2.9 billion. According to Citi's quarterly earnings filing, the increase was driven by the higher revenues and lower net credit losses, which were partially offset by higher legal and related costs, a lower loan loss reserve release and a higher effective tax rate.

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Report Suggests Relaxing HARP Rules to Help More Borrowers

If two tweaks were made to the Home Affordable Refinance Program (HARP), refinancing activity could increase substantially, according to a report from the Federal Reserve Bank of New York. One change would be to remove the cutoff date that limits eligibility to Fannie Mae and Freddie Mac loans that were obtained by June 1, 2009. The second change would be to allow borrowers to refinance under the program more than once.

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Fitch: Sale of REO Assets Lowers CMBS Delinquency Rate in June

In June, an increase in the sale of REO properties drove down the CMBS delinquency rate, bringing it to a three-year low, Fitch Ratings reported. At 7.18 percent, the CMBS delinquency rate fell 19 basis points (bps) from the month before in May and is at its lowest level since March 2010. ""The CMBS delinquency rate is likely to improve further in the coming months as other large REO properties are sold, including a slew from ORIX's portfolio,"" said Scott Pritchard, director at Fitch.

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Autos, Gas Prices Boost June Retail Sales

Driven by stronger auto sales and rising gasoline prices, total retail sales increased 0.4 percent in June, down from May’s increase, the Census Bureau reported Monday. Economists had expected sales to increase 0.8 percent. May retail sales were revised to show an increase of percent, up from the originally reported 0.5 percent. The report suggested continuing struggles for the consumer sector, which represents 70 percent of the economy.

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Consumer Sentiment Slips in Early Reading

The Index of Consumer Sentiment, published by the University of Michigan and Thomson Reuters twice each month (one preliminary reading and one final reading), dropped to 83.9 from June's final value of 84.1. The median forecast among economists surveyed by Bloomberg was 84.7.

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Commentary: Fed Celebrates; Wall Street Parties

Ben Bernanke was up at the National Bureau of Economic Research (NBER) to celebrate the Federal Reserve's 100th birthday. Despite being chairman of the Fed, instead of receiving a birthday gift, he gave a birthday gift--and Wall Street partied. Bernanke was generous in comments to the beleaguered housing sector when he listed his reasons for optimism about the economy. But Bernanke saved his biggest boost for stock investors when he made clear the Federal Reserve has no intention of abruptly raising interest rates or cutting back on its $85 billion a month bond purchase program.

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Administration Warns Delinquencies Remain High Despite Decreases

Foreclosures and mortgage delinquencies may be declining, but that doesn't mean the industry should let its guard down. In the Obama Administration's latest housing scorecard, which provides an overview of the housing market based on private and public sector data, officials continued to warn of a ""fragile"" recovery despite improvements. ""[W]e remain cautious because although mortgage delinquencies are trending down, they still remain quite high compared to historic norms,"" said Kurt Usowski, assistant secretary for economic affairs at HUD.

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