News

The number of foreclosure sales that were cancelled in California hit an all-time record in June, according to a report released Tuesday by the locally based firm ForeclosureRadar. In total, 10,506 foreclosures were called off in California last month before reaching the auction sale phase. ForeclosureRadar characterized activity in the Golden State as ""mixed"" last month, with filings of new foreclosure notices on the rise and foreclosure sales down. That assessment follows two straight months of across-the-board declines.

The Pennsylvania Department of Banking means business. According to a quarterly report, the department took 26 enforcement actions and suspended three mortgage licenses during the second quarter of this year. Among the enforcement actions taken, the department issued six cease-and-desist orders against companies engaged in unlicensed loan modification activities, and the department entered consent agreements with 10 mortgage loan companies for violations of the Mortgage Licensing Act and/or unlicensed activity.

In an effort to give investors and first-time homebuyers an opportunity to purchase a variety of homes at significant discounts, Hudson & Marshall of Texas, Inc., (H&M) is auctioning nearly 250 bank-owned homes this week in cities throughout Indiana, Illinois, Minnesota, and Wisconsin. This week's auctions started July 13 and will continue through July 17. The properties up for bid are valued from as little as $8,000 to more than $435,000.

The online real estate bidding site RealtyBid.com has partnered with the special assets group of national commercial real estate broker, Marcus & Millichap, to develop CommercialBid.com--an online bidding site specifically for commercial real estate assets. The new Web site officially launched July 1, 2010 with the unveiling of a special bidding event offering commercial property and commercial loans valued at more than $60 million.

Home prices in the United States increased again in May, marking the fourth consecutive month to post a year-over-year gain, according to the latest CoreLogic index. The company reported that national home prices, including distressed sales, increased by 2.9 percent in May 2010 compared to May 2009. On a month-over-month basis, the May index was 0.9 percent higher than April. In terms of the highest appreciation in home values, California fares the best among the states, while Idaho takes the title for the greatest depreciation.

During the first half of 2010, the number of mortgage-related firms to close or fail jumped by more than a quarter from the same time last year, according to industry data released this week. The increase was driven by financial institution failures as the number of non-bank lenders to close has dwindled. The period between January 1 and June 30 of this year saw 109 mortgage-related failures and closings. The figure represents a 27 percent increase from the 86 closings reported during the first half of 2009.

The Government National Mortgage Association (Ginnie Mae) guaranteed more than $33.4 billion in mortgage-backed securities (MBS) in June. Total single-family issuance for March was more than $32.4 billion. Ginnie Mae II single-family pools totaled nearly $20.1 billion, and Ginnie Mae I single-family pools came in at $12.3 billion. In addition, the association's multifamily MBS issuance was just over $1 billion.

Based on new data released by Fitch Ratings, $512 million of loans held by investors in commercial mortgage-backed securities (CMBS) were added to the past-due bucket last month. The net increase pushed the U.S CMBS delinquency rate to 8.14 percent. While it's the first time Fitch has reported delinquencies beyond the 8 percent mark, June's 17 basis point rise was the smallest increase in 11 months, thanks to loan resolutions on $1.5 billion during the one-month period. However, the ratings agency says this trend isn't likely to continue.

Nielson & Sherry, PSC is expanding its footprint in Kentucky with the opening of a new office in Louisville on August 1, 2010, located on the city's east side in the recently renovated Hurstbourne Place office tower, just minutes from the state and federal courthouses. Nielson & Sherry's focus is on legal issues related to the banking, lending, and real estate industries, including REO, title, and foreclosure-related matters.

A new study released Monday by Bankrate, Inc. shows that, even with home prices sliding and mortgage rates now the lowest they've been in decades, the vast majority of Americans are content with their home purchases. Ninety percent of those polled said they do not have any regrets about buying their current home. Among those who do regret the purchase, the most common reasons cited were because they cannot sell their home under current market conditions, or they can't afford their monthly mortgage payments.