News

The real estate software firm eBrokerHouse recently announced the launch of the company's latest software solution -- EBH Office Solution. The company explained that the new Web-based software allows entire real estate agencies to implement the eBrokerHouse back office management system and operate completely virtual and nearly paperless.

Fannie Mae has rolled out a new interactive online resource for homeowners struggling with their mortgage payments. It's KnowYourOptions.com, and it's designed to be a virtual one-stop-shop for anyone facing financial hardship and in need of foreclosure assistance. Eight months in the making, the site offers tools and guidance for refinancing, repayment plans, forbearance, modifications, Fannie Mae's Deed-for-Lease program, short sales, and deeds-in-lieu.

Home sales in the Lone Star State are on the rise. According to the latest Texas Quarterly Housing Report released Monday by the Texas Association of Realtors, a total of 66,079 existing single-family homes were sold during the second quarter of this year, soaring 14 percent from the same quarter last year. This marked the third consecutive quarter of year-over-year increases.

The number of modifications on commercial real estate loans held in securities trusts has accelerated dramatically in 2010, according to Trepp LLC. So far in 2010, loan modifications have already surpassed the total number of mods done in 2008 and 2009 combined, Trepp reports. At this pace, 2010 modifications are set to triple those completed last year, and with servicers stepping up resolutions of troubled commercial loans, increases in delinquency numbers are beginning to moderate.

Deceptive mortgage relief marketers continue to prey on financially distressed homeowners, but one such company has been stopped in its tracks. Home Assure, LLC, has been charged by the Federal Trade Commission for deceiving consumers with promises that it could save their homes from foreclosure. To settle these charges, the company must refund customers $2.4 million, and it can no longer sell mortgage loan modification or foreclosure relief services.

The FDIC has closed on a sale of securities as part of a securitization backed by approximately $471.3 million of performing single-family mortgages from 16 failed banks. This pilot program marks the first time the FDIC has sold assets in a securitization during the current financial crisis a method which could allow the federal agency to clear billions of dollars in seized loans from its books, while maximizing the value of these assets for the failed banks' creditors.

The BP Deepwater Horizon oil spill is expected to have a grave--and costly--impact on coastal area real estate. According to a recent report by CoreLogic, the impact of the spill on home values in coastal communities already affected by the spill is expected to range from $648 million over one year to as much as $3 billion over five years. And in the event that the unlikely, worst-case scenario occurs and the spill reaches around the Florida Keys and up the Atlantic coast of Florida, the additional losses could reach up to $28 billion over five years, CoreLogic said.

Rumors of a new government-led mortgage refinancing program have begun to surface. DS News has received word from sources inside the administration and from high-ranking executives at some of the largest banks, confirming that the White House is indeed considering a refi push that would allow homeowners to lower their monthly mortgage obligations by locking in today's rock-bottom interest rates. Some industry insiders are viewing the move as a concession by the federal government that its existing housing programs aren't doing enough.

Infinity Valuation Services (IVS) announced Monday that it now provides a fully-automated inspection form to support its valuation services for distressed properties. The company works with thousands of real estate agents across the country to provide interior and exterior broker price opinions (BPOs), appraisals, and property inspections. IVS explained that as an integrated component of its BPO system, the new form now enables the company to tailor report information to streamline the inspection process.

The nation's failed-bank tally continues to climb. Regulators closed the doors on five more financial institutions over the weekend -- two in Florida and one each in Georgia, Oregon, and Washington. That pushes the number of bank closings for the year to 108.