REO

Who ever heard of banks helping their unemployed borrowers find jobs? Though it may be hard to believe, this concept is becoming a reality thanks to a company in Bend, Oregon. Realizing that job loss in the current economy is the major reason homeowners default on their mortgages, management of M&T Bank announced they'll be offering a pilot program of the company's services to their unemployed borrowers at no cost.

Existing-home sales translate to an annual rate of 5.12 million at the October sales pace, according to the National Association of Realtors (NAR). October's sales volume was down 3.2 percent from September and marked the second consecutive month of declining transactions. NAR blames low inventory, diminished buying power from rising prices and interest rates, and a restrictive credit environment for the drop in sales.

It's no secret underwriting standards have tightened in recent years, and while many decry the heightened standards for making homeownership less accessible to some Americans, an economist with CoreLogic points out in a report released Wednesday that heightened standards are, without question, impacting delinquencies for the better, with 2013 vintage loans carrying a serious delinquency rate of just six basis points.

NexTitle, based in Bellevue, Washington, announced plans to expand its operations with a new office in Lake Oswego, Oregon, which the firm intends to make its flagship office in the state. The company also announced it was selected from a field of finalists in the title and escrow field to receive the 2013 Business and Humanitarian Award for Outstanding Title and Escrow Company presented by the Washington Association of Mortgage Professionals.

Collaboration between the private and public sectors has resulted in 8 million non-foreclosure solutions completed for at-risk families since 2007, according to HOPE NOW, a voluntary alliance of mortgage servicers, investors, mortgage insurers, and nonprofit housing counselors. Over the last six years, the mortgage industry has completed more than 6.71 million total permanent loan modifications, while short sales total approximately 1.39 million since December 2009.

Rising home sales and declining foreclosures drove Q3 home prices to the highest three-month increase since the national housing recovery began, FNC Inc. reports. The company says national home prices have risen 11 percent since the beginning of the recovery, a timestamp that FNC considers to be the start of 2012. Continuing to lead the way are the markets that saw the highest levels of distress in 2008 and 2009.

Housing affordability took a hit in the third quarter--the result of climbing interest rates and recovering home prices. According to an industry index assessing consumers' opportunities for homeownership, families earning the national median income of $64,400 in the July-September period could afford 64.5 percent of the new and existing homes sold during that time. That's down from 69.3 percent in the second quarter, marking the biggest index decline since Q2 2004.

Foreclosures edged up over the month of October in California with notices of default increasing 15.3 percent, notices of trustee sale rising 4.1 percent, and foreclosure sales up 3.9 percent, according to PropertyRadar. All three indicators, though, were down more than 45 percent from October 2012, with foreclosure sales hovering near record lows. However, a closer look at foreclosure sales reveals a decline in sales to third parties and an increase in REO sales.

The National Fair Housing Alliance announced the fourth amendment of its discrimination complaint against Bank of America Thursday with the addition of five new cities. The amended complaint now includes 20 metro areas in which NFHA alleges Bank of America has neglected to maintain and market foreclosed and REO properties in minority neighborhoods. NFHA says it will release even more evidence early next year, but according to BofA, the group's accusations are ""simply untrue.""

Carrington Property Services announced it is taking over property management responsibilities on rental properties owned by capital management firm Gorelick Brothers Capital. Per the two companies' partnership, Carrington will manage Gorelick's rental portfolio, which is located primarily in seven major urban centers.