News

Pending home sales rose in February, potentially signaling a second surge of sales in response to the looming homebuyer tax credit deadline, the National Association of Realtors (NAR) reported Monday. NAR's Pending Home Sales Index, a forward-looking indicator based on contracts signed during the month, jumped 8.2 percent in February to 97.6 from a downwardly-revised 90.2 in January. The index was also 17.3 percent above February 2009 when it was 83.2.

Technology provider IndiSoft, LLC, has announced that effective immediately, its RxOffice platform meets the Home Affordable Foreclosure Alternatives (HAFA) program requirements, which take effect today, Monday, April 5. In addition, the company announced the roll-out of its new RxOffice Realtor portal, which IndiSoft says will help Realtors manage the anticipated upsurge in short sale transactions expected with HAFA's implementation.

The Texas Real Estate Commission has issued a statement alerting the state's real estate community and the public that the agency has received complaints against a group of individuals and companies doing business in the Dallas/Fort Worth area, representing themselves as real estate agents and brokerage companies even though they do not hold Texas real estate licenses. The group typically takes deposits on properties that they claim are available for a short sale but in reality are days away from foreclosure.

The deadline for servicer implementation of the administration's Home Affordable Foreclosure Alternatives (HAFA) program has arrived. HAFA aims to help homeowners who are unable to qualify for a loan modification by providing them with the option to pursue a short sale or deed-in-lieu. To encourage HAFA participation, the Treasury Department raised financial incentives. Borrowers are now eligible for $3,000 in relocation assistance, and servicers will receive $1,500 to cover administrative and processing costs for a short sale or deed-in-lieu completed under the program.

FHA officials have warned that they will be keeping a close eye on lenders to ensure the agency's standards are being followed, and that pledge became painfully apparent for two mortgage companies last week. FHA has permanently withdrawn its approval of Atlanta-based RSA Financial, Inc. and 1st Alliance Mortgage of Houston, Texas. The actions impose steep penalties on the the two lenders and prevent them from originating and underwriting new FHA-insured mortgages.

There is a growing consensus among lenders that home prices have stabilized, according to analysts at Barclays Capital. Research by the investment firm also indicates that loan mod efforts have risen significantly, and banks are more aggressively disposing of troubled real estate assets. Barclays' analysts sifted through the Q4 earnings transcripts for 20 regional and national banks to decipher their take on the housing market, and the conclusions point to significant improvements when it comes to real estate holdings.

With financing in the commercial real estate sector severely constricted and billions in multifamily mortgages on the verge of coming due, Freddie Mac is stepping up to the plate to ensure strapped apartment owners have an avenue to refinance their debt. The GSE has launched a new lending program that allows mezzanine debt on qualifying multifamily first mortgages. Freddie officials say the initiative will reduce the number of properties that may otherwise become defaults, drawn-out workouts, or foreclosures.

The Treasury Department announced Friday that it has received a total of $181 billion from companies to repay their government bailouts. The new figures were released after the Treasury collected full repayment on Troubled Asset Relief Program (TARP) money given to insurance and investment firm Hartford Financial Services Group, Inc. in the sum of $3.4 billion. Automaker General Motors also repaid $1 billion. While the auto industry's bailout is expected to be one of the biggest TARP losers, Treasury now estimates that its programs aimed at stabilizing the banking system will earn a profit.

Encore Equities, a subsidiary of Dallas-based Encore Enterprises, Inc., recently appointed Jeremiah Sunden as VP of capital markets. He will be responsible for cultivating Encore's investor network and identifying projects that meet the company's investment criteria.

Commercial real estate firm Signature Associates has launched a new business unit to help property owners secure mortgage term extensions, mortgage workouts, and refinancing in today's challenging marketplace.