News

Homes are spending less time on the market as supply conditions tighten, according to a report from the National Association of Realtors (NAR) released Wednesday. The median time homes stayed listed was down 29.6 percent to 69 days in July compared to 98 days in July 2011. While the overall median is down, the report stated one in five homes bought in July stayed on the market for at least six months.

The number of homeowners who received permanent, affordable proprietary loan modifications jumped up 43 percent from June to July, HOPE NOW reported Wednesday. The voluntary, private sector alliance of mortgage professionals and non-profit counselors released its July 2012 loan modification data, revealing that an estimated 66,002 homeowners received proprietary loan modifications in July, an increase from 46,208 in June.

The mortgage services division of First American Title Insurance Company formed an alliance with Hope LoanPort (HLP), a nonprofit that works to help struggling homeowners find alternatives to foreclosure.

After seven straight months of gains, commercial real estate (CRE) loan prices took a slight dip in July, DebtX reported Wednesday. According to a release from the company, the aggregate value of CRE loans priced by DebtX that collateralize CMBS dropped to 88.3 percent as of July 31, a small drop from 88.4 percent at the end of June. Loan values were 85.3 percent as of July 30.

With prices gaining in San Bernardino County, Clear Capital found that the solution to the area's problem of negative equity may be solved with time. San Bernardino County has become the center of debate following the creation of a Joint Powers Authority to explore a controversial use of eminent domain. However, with prices in the area rising, the county may not need a drastic rescue plan.

VendorSelect announced Wednesday that it has chosen REflex Technologies to act as the company's sole technology provider.

While home prices remained little changed, the REO saturation rate fell for the first time this year, according to Clear Capital's Home Data Index Market report, which included data to the end of August. The REO saturation rate, which calculates the portion of REO sales relative to total sales, slipped 6.4 percentage points from the previous quarter to 20.5 percent. The drop is the lowest the REO saturation rate has been since April 2008.

For swing state Iowa, political leaders will probably fare better if they focus on the state's supply of corn rather than its foreclosures.

For the fourth consecutive quarter, the mortgage industry posted a net gain in jobs, according to Mortgage Daily's Second Quarter 2012 Mortgage Employment Index. However, the net gain reported in the second quarter is well under the gain reported for the first quarter of the year. According to the report, 1,335 jobs were added to the mortgage industry in the second quarter, down from 2,969 added in the first quarter but up from a net loss of 464 jobs a year ago.

Foreclosure.com selected VendorSelect as its exclusive vendor management company as the company grows its network.