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DS News Webcast: Wednesday 3/19/2014

RE/MAX released its National Housing report for February, which showed that weather and a lack of inventory continued to push homes sales lower and prices higher. Home prices rose 11.6 percent from the previous year, for a median home price of $180,450. Prices increased 4.3 percent from January, and a streak of 25 straight months of monthly price increases continued into February. 44 of 52 metros reported higher sales prices than a year ago, with 18 metros reporting double-digit increases.

February home sales dropped 8.8 percent from the previous year, which was an increase from January's yearly loss of 7.1 percent. For homes sold in February, the average time spent on the market was 80 days, which is 5 days more than the average in January. However, homes spent 9 days less on the market than the average in February of last year. The month's supply of inventory, considered balanced at 6.0, is 5.1 months, with the inventory of homes for sale in February just 2.4 percent less than January.

The California Department of Business Oversight along with 48 other states reached a settlement with Ocwen Financial Corporation regarding violations of mortgage servicing laws. Ocwen will pay $2.1 billion to the 49 states, with 100 percent of the settlement proceeds to directly benefit consumers. The settlement noted Ocwen's misdeeds included premature and unauthorized foreclosures, violation of homeowners' rights and protections, and the use of false and deceptive affidavits and other documents.

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