REO

Home prices increased 3.6 percent over the second quarter of this year, after having fallen 4.1 percent in the first quarter, according to the latest S&P/Case Shiller index. With the second quarter's data, the national index reading recovered from the double-dip cyclical low hit at the end of the first quarter, but still posted an annual decline of 5.9 percent when compared to the second quarter of 2010. Nationally, home prices are back to their early 2003 levels, according to Standard & Poor's.

The city of Chicago is set to launch a targeted new loan program to help alleviate the effects of the foreclosure crisis in local neighborhoods. Through the initiative dubbed the Micro-Market Recovery Program, the city will work to foster the reoccupation of foreclosed or vacant properties in key areas of Chicago by employing both nonprofit intermediaries and for-profit capital sources to provide special funding for homebuyers and approved developers.

Pending home sales decreased overall and in three of the four national regions in July, according to the National Association of Realtors (NAR). However, nationally and in all four regions, pending sales remain higher than one year ago. The West was the only region to post a month-over-month increase, with sales contracts up 3.6 percent. Despite recent declines in pending sales for most of the country, NAR says contract activity over the past three months is fairly comparable to the first part of this year.

Sperlonga Data and Analytics, a subsidiary of national real estate asset management firm MMREM, has announced the hiring of Brent Stokes, a 26-year mortgage industry veteran, for the newly created position of SVP. Sperlonga Data and Analytics provides a centralized interface for servicers and homeowners associations (HOAs) to help stakeholders minimize losses associated with transaction delays and lost revenues caused by HOA claims.

The marketplace was zeroed in on Ben Bernanke and Jackson Hole, Wyoming, in hopes of a signal from the Federal Reserve's chief that new stimulus measures were in the works to rekindle the stalled economy. But there was no mention of new action. Housing was the black eye of the Fed chairman's speech. He said this recession was ""unusual"" because it was linked to a very deep slump in the housing market, and with an overhang of distressed properties and still-declining home prices, the housing sector is hindering economic growth.

Radar Logic plans to publish a response to the government's proposal to sell pools of foreclosed homes to investors to rent. In its RPX Monthly Housing Market Report for August, the company expressed concerns that the plan could negatively affect home prices in the broader market. Radar Logic believes the REOs sold in bulk to investors will come at lower prices than if they were sold individually - prices much lower than non-distressed sales, and these low prices could lead to low appraisals for other homes on the market.

California's pending home sales dipped in July, as did the share of distressed property sales. The California Association of Realtors says 44.5 percent of home sales contracts last month involved distressed properties. That's down from both the previous month and a year earlier. Short sales made up 17.5 percent of total sales. The state's Realtors have sent letters to the largest lenders with ideas on how the process can be improved and calling for their immediate attention.

Katie Van Hook has been promoted to business development manager for Continental REO Services, Inc. She has four years' experience working as a closing coordinator for the company. Prior to joining Continental REO, Van Hook worked in closing and escrow positions for JPMorgan Chase Bank, N.A. and Fidelity National Title Company. She also has experience in loan processing.

Econohomes is an Austin, Texas-based company that buys distressed REO properties in bulk and operates an online marketplace to get these homes back into the hands of owner-occupants and investors. The company is looking to make it easier for Hispanic buyers to get into the game. Econohomes is now offering bilingual services and Spanish-language online information to assist the Hispanic community with real estate transactions, both first-time homebuyers and property investors.

A2Z Field Services, a provider of property inspection, preservation, and REO market-ready services nationwide, has announced the promotion of Amie Sparks to SVP of operations. Sparks is responsible for all aspects of national operations, including management of three HUD Field Services Management (FSM) contracts, which were awarded in June 2010 and renewed in June 2011.