NeighborWorks America announced Thursday that borrowers who receive pre-purchase mortgage counseling and education from the organization are about one-third less likely to become seriously delinquent within the first two years of obtaining their mortgage loan compared to borrowers who do not receive counseling. Analysis from Neil Mayer and Associates and Experian found the probability of a homeowner becoming seriously delinquent within the first two years of their mortgage loan declined by about one-third for those who received pre-purchase counseling, with almost no difference between first-time and repeat buyers.

Although rates for foreclosure starts and sales remain volatile, one underlying trend continues: foreclosure inventory in judicial states is still three times higher than that of non-judicial states, according to Lender Processing Services (LPS). As of the end of January 2013, the share of loans in foreclosure inventory in judicial states stood at 5.69 percent compared to 1.79 percent for non-judicial states, according to LPS' mortgage monitor report. LPS also revealed at the current rate, it will take 62 months to clear foreclosure inventory in judicial states compared to 32 months in non-judicial states.

Coverage:- Prices in January Climb Nearly 10% from Year Ago - Commercial, Multifamily Mortgages Fared Better During Recession

Foreclosure petitions in the Bay State plunged nearly 30 percent year-over-year in January, according to a report from The Warren Group. Foreclosure petitions--the first step in the foreclosure process--decreased to 940, down from 1,333 in January 2012. The decrease marks the third straight month petitions have fallen in Massachusetts.

After assessing over 900 markets across the country, RealtyTrac put together a list of the top 15 markets for short sale and REO purchases for the year. Out of the 15 markets selected for short sales, nine were located in California. RealtyTrac also noted the average remaining deficiency after a short sale exceeded $100,000 in seven of the 15 markets, which suggests banks are willing to take a huge loss to avoid foreclosure. The markets on the REO list averaged discounts ranging from 33 to 57 percent and the time to sell ranged from 139 to 175 days compared to 188 to 358 days for short sales.

American International Group (AIG) announced the creation of a new business unit to expand its mortgage investments. The new company, named Connective Mortgage Advisory Company, draws upon AIG's investment expertise and the experience of its mortgage insurance subsidiary, United Guaranty Corporation, to identify and buy residential whole loan mortgages as investments, AIG said in a release.

Davidson Fink LLP, a full service law firm located in Rochester, New York, announced Andrew Burns and Jill Schultz have joined the firm as partners. Both were former partners of the law firm Burns & Schultz LLP. Burns and Schultz each bring over 20 years of litigation experience to the firm.

The Policy Advisory Board of the Harvard Joint Center for Housing Studies announced a new leadership appointment. Michael H. Thaman, Chairman and CEO of Owens Corning, was selected to serve as the board's chairman.

Resolve Solution Services Corporation announced it has shed it's former name, Resolve Collection Corporation, to reflect developments from the company. President and CEO Mike Newell explained the change was made to better describe the expanded services the company now provides.

While more than 90 percent of homes purchased in 2011 were existing homes, more than half of homebuyers declared a preference for new homes, according to the National Association of Home Builders' (NAHB) Characteristics of Home Buyers, an analysis of the 2011 American Housing Survey conducted by the Census Bureau. About 55 percent of survey respondents stated a preference for new homes, according to NAHB. Along with their preference for new homes, survey respondents expressed a desire for energy-efficient homes.