News

With all the negative news and lackluster market indicators, it may seem as though the entire country is neck-deep in the worst housing slump most of us have ever seen. But a new study by two officials at the Federal Reserve Bank of New York indicates otherwise. They've concluded that much of the United States has been largely insulated from the boom-and-bust volatility of the most recent real estate cycle. They point to the markets that didn't ride the lofty price wave of the last decade and had little subprime lending as the great escapees.

Tom MacManus, a 30-year industry veteran, has been appointed as president and COO of Boca Raton, Florida-based ARA Finance, a joint venture of Apartment Realty Advisors (ARA) and CWCapital, LLC. MacManus will be responsible for the strategic development of the venture's national multifamily lending platform, which provides service through ARA's 19 offices located across the country.

USAA Real Estate Company, a San Antonio-based company that provides fund and separate account investments for corporate and institutional investors, recently announced a new investment partnership with Houston-based Crimson Real Estate Fund, LP, to acquire, develop, and reposition real estate opportunities in key growth markets across the United States.

In an announcement Monday, Irving, Texas-based iServe Servicing, Inc., a residential mortgage special servicer of performing, sub-performing, non-performing, and bank-owned assets, said it has received certification to participate in the Home Affordable Modification Program (HAMP).

San Francisco-based LoopNet, Inc., a commercial real estate information services provider, recently announced the acquisition of Centennial, Colorado-based Reaction Web, an online solutions company focused in the commercial real estate industry. Reaction Web brings state-of-the-art custom Web sites, deal rooms, and private property marketing tools to LoopNet's suite of solutions.

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.