News

Zillow released on Tuesday its Real Estate Market Reports for July, revealing that the company's Home Value Index hit $151,600 for the month, a 0.5 percent gain from June and a 1.2 percent increase year-over-year. Of the metro areas covered in the reports, 62 percent saw home values climb during July, with only 49 of the 167 areas posting declines.

Earlier this month, President Obama signed a new bill into law with the intent of making much-needed changes to the VA Home Guaranty Program, as well as providing healthcare to the hundreds of thousands of Marines and Marine families that drank contaminated water at Camp Lejeune North Carolina the Honoring America's Veterans and Caring for Camp Lejeune Families Act. The bill also makes breakthrough changes that provide much needed reform to the VA Loan program, a program that has been in service since 1944.

LOGS Network announced Monday that default mortgage servicing veteran Jason Roberts has joined the firm as SVP of business development and acquisitions.

The real estate giant released its National Housing Report for August 2012 (covering July), showing that both sales and prices have posted year-over-year increases for most of 2012. Home sales appear to have peaked year-to-date in June, with July's sales falling 9.4 percent month-over-month. However, sales were up 10.3 percent from July 2011, marking the 13th consecutive month for year-over-year sales gains.

Federal officials announced Monday that a federal fugitive of 12 years was charged with identity theft and fraud after operating an illegal foreclosure-rescue scheme. Glen Alan Ward of Canada was indicted Friday on two counts of bankruptcy fraud, one count of mail fraud, and two counts of aggravated identity theft.

After surveying more than 1,800 active home sellers, Redfin found that some of its customers are holding back from selling now because they believe patience will pay off in the form of higher offers for their home. The survey revealed that 38 percent of respondents plan to wait more than a year before selling their home, while 25 percent said they plan on selling now. Homeowners also expressed optimism for future home prices, with 80 percent believing they are bound to get a higher price for their home after a year or two.

Arizona attorney general Tom Horne announced the filing of two lawsuits against Arizona companies offering allegedly fraudulent mortgage modification services to distressed homeowners. Horne brought suits against Phoenix-based Making All Homes Affordable, LLC (MAHA) and Tucson-based La Paz Source, LLC, alleging fraudulent practices by the two companies.

The California Association of Realtors (CAR) reported Friday that home sales and prices both showed strong gains in July, with the sales pace showing year-over-year growth for the fourth straight month and the median price reaching a four-year high. Leslie Appleton-Young, CAR VP and chief economist, said the gains in the last few months reflect a market shift toward higher-priced homes.

The Consumer Financial Protection Bureau is on a roll lately. On Friday, the agency offered up rules to reduce interest rates, do away with points and fees, and screen mortgage loan officers. In the first of a slew of new rulemaking proposals, In the first of a slew of new rulemaking proposals, the CFPB would require lenders to make available loans that are stripped of their origination points and discount fees for certain consumers. The proposals would also require background checks for loan officers and bar arbitration clauses for credit insurance practices.

PennyMac Mortgage Investment Trust announced Friday that it has priced 15 million common shares for public offering. According to a company release, PennyMac will use proceeds from the offering to fund a portion of the purchase price for a portfolio of residential mortgage loans, to fund the continued growth of its lending business, to acquire additional mortgage loans, and for general use.