News

The company's recent HPI is an update from an earlier release to reflect residential sales concluded during April 2012. The index showed that home price values fell 0.1 percent from April 2011 to April 2012 ($201,000 to $200,000). However, price index values rose from January's low ($195,000) at a pace not seen in more than half a decade. The accelerated rate of the HPI's increase represents an annualized rate of 13.1 percent per year (compared to negative 6.1 percent/year from May 2007 to January 2012).

The AmeriCatalyst Idea Lab, an Austin-based nonprofit, was named executive secretariat for Single Family Rental Strategies (SFRS), according to a release.

Home prices are increasing, but one of the main drivers behind the boost in home values is also weighing on supply and demand. According to a report from CoreLogic, negative equity is helping to drive up home prices because it also keeps homeowners from listing their property, which keeps inventory low. Of the largest 100 markets, the five markets where prices are accelerating the fastest also have the highest share of negative equity and high demand for distressed properties.

Veros Real Estate Solutions announced Monday that mortgage risk management firm Lenders Compliance Group (LCG) will utilize Veros' collateral integrity analysis (CIA) for risk assessment.

With the help of record-low mortgage rates, HARP refinances surged in May, accounting for 20 percent of all loans refinanced by the GSEs, FHFA announced Monday. The one in five ratio of loans refinanced through HARP is the largest increase since the program's 2009 inception. The number of underwater borrowers who found relief through HARP also saw a significant increase. Year-to-date through May, 78,273 refinances were completed for underwater borrowers compared to 59,991 refinances for the entire year of 2011.

Fannie Mae is now offering a program to help prevent foreclosures by enabling better relationships between servicers and homeowners, the GSE announced Monday. The program, dubbed Know Your Options Customer Care, is a customer engagement strategy and training program for servicers. Fannie Mae will conduct training sessions for servicer call center employees, provide scripting for homeowner interaction, and help implement ongoing quality control measures.

Missouri saw its first bank casualty of 2012 Friday as FDIC announced that Glasgow Savings Bank of Glasgow, Missouri, was closed down by the state's finance division.

Delaware attorney general Beau Biden announced Friday that the state has reached an agreement with Mortgage Electronic Registration Systems, Inc., (MERS) about implementing reforms. Biden filed suit against MERS last year after hearing from homeowners in the state who were ""unable to have meaningful conversations about saving their home"" and who could not find out who owned their mortgage.

ServiceLink announced the acquisition of DRI Management Systems(DRI) Tuesday. Alongside the acquisition, ServiceLink also announced the launch of ServiceLink Fusion(SM), the company's new servicing workflow platform.

Real estate broker Redfin released the June results of its Real-Time Home Price Tracker showing home price increases in nearly all 19 major U.S. markets. The tracker showed an average year-over-year price gain of 3 percent across all major markets and a monthly gain of 2.6 percent. Sales volumes also rose year-over-year (a 7.4 percent increase) but fell 1.1 percent month-over-month. Overall inventory levels declined, falling 25.3 percent from June 2011 and 2.4 percent from May this year.