News

Weak growth characterized single-family home sales in Connecticut for June, according to a report from The Warren Group. Single-family home sales inched up 0.4 percent after seeing double digits increases in April and May. While the gain in June was small, it was still a move in a positive direction and represents the sixth consecutive month of increases.

Overall, foreclosure activity declined year-over-year and month-over-month, but foreclosure starts told a different story in July, according to RealtyTrac's foreclosure market report. Foreclosure filings, which include default notices, scheduled auctions, and bank repossessions, fell 3 percent month-over-month and decreased 10 percent from July 2011. Fewer homes were lost to the foreclosure process as well, with lenders completing the foreclosure process on 53,654 U.S. properties. The figure is a 1 percent decrease from June and a 21 percent decrease from a year ago.

Strong employment reports boosted mortgage rates back up for the second week in a row, Freddie Mac reported Thursday. The GSE's Primary Mortgage Market Survey show the 30-year fixed averaging 3.59 percent (0.6 point) for the week ending August 9, an increase from 3.55 percent the previous week. The 15-year fixed also posted gains, averaging 2.84 percent (0.6 point) for the week, up from 2.83 percent a week ago.

First-time claims for unemployment insurance fell 6,000 for the week ended August 4 to 361,000, the Labor Department reported Thursday. Economists surveyed by Bloomberg had expected 367,000 initial claims. The prior week's total was revised up to 367,000 from the originally reported 365,000.

Following Tuesday's news that Freddie Mac will not require a draw from Treasury this quarter, Fannie Mae announced the same on Wednesday in its second quarter earnings report. This is the second consecutive quarter that the GSE has not required a draw from Treasury. Before this year, Fannie May required a draw from Treasury for the previous 11 consecutive quarters. The GSE reported a net worth of $2.8 billion with comprehensive income in the second quarter reaching $5.4 billion. This is up from $2.9 billion in the first quarter of this year.

CitiMortgage announced the launch of the Home Rental Program, a program designed to provide an alternative to foreclosure and allow eligible borrowers to stay in their homes. Under the program, the eligible borrower transfers ownership of the property to a vehicle established by Carrington Capital and its joint venture partner, Oaktree Capital Management, L.P. A lease will then be established for the property at a manageable monthly payment.

Robert M. Wilson, Jr., 60, died after a two-year battle with cancer on August 3, 2012. A frontrunner in his line of work, Wilson began his career in law in 1978 and founded Wilson & Associates PLLC, based in Little Rock, Arkansas. Wilson was widely recognized for his tireless efforts to improve the mortgage banking servicing industry. He will be remembered by those who knew him as a generous, passionate visionary who embraced life and lived it to its fullest. He will be deeply missed by all who had the good fortune of knowing him.

The Department of the Treasury and HUD announced Wednesday that they are hosting a free event for struggling homeowners in Maryland. The event will be the Obama administration's 75th occasion designed to bring together the nation's largest mortgage servicers, local HUD-approved housing counseling agencies, non-profits, and government partners to assist homeowners struggling to avoid foreclosure.

To learn more about the NeighborWorks America Neighborhood Marketing Program, DS News asked Ascala Sisk, Senior Manager for Community Stabilization at NeighborWorks, a few questions about the effort. The new program is one of many initiatives from the nonprofit to rebuild communities.

The Federal Reserve announced Tuesday that it assessed a fine to MetLife for $3.2 million due to the life insurer's ""failure to adequately oversee its subsidiary bank's mortgage loan servicing and foreclosure processing operations.""