Today’s News Synopsis:
Inman News reported that Zillow has updated their database to increase the number of properties and decrease their margin of error to 8.5%. RE/MAX is optimisting of a recovering economy as they reported positive statistics for home sales. Rismedia reported that HUD awarded $31 million in grants towards helping residents look for jobs and become self-sufficient.
In The News:
Housing Wire – “Investors reselling foreclosures quicker than banks in wake of robo-signing fiasco” (6-14-11)
“The foreclosure slowdown after the robo-signing scandal surfaced late in 2010 gave investors an advantage over banks when reselling these properties.”
Inman – “Slowdown in foreclosures affecting inventories?” (6-14-11)
“The flow of homes into the foreclosure pipeline is slowing in five Western states tracked by ForeclosureRadar.com, but lenders are also canceling fewer foreclosures once they’re under way. ”
Bloomberg – “BofA ‘Significantly Hindered’ Foreclosure Review, U.S. Says” (6-14-11)
“The U.S. Department of Housing and Urban Development recently awarded more than $31 million in grants to public housing authorities, resident associations and non-profit organizations across the U.S. to help public housing residents connect to services available in the community to find employment to increase their economic independence.”
Housing Wire – “Positive monthly housing stats point to recovery: RE/MAX” (6-14-11)
“Home sales are trending positively on a monthly basis, according to the RE/MAX May housing report, a sign the market bottomed out at the beginning of 2011.”
Inman – “Zillow grows database, boosts ‘Zestimate’ accuracy” (6-14-11)
“Nearly three out of four American voters believe that it is reasonable and appropriate for the federal government to provide tax incentives to promote homeownership, a sentiment that cuts across partisan and regional lines across the country, according to a recent poll conducted on behalf of the National Association of Home Builders (NAHB).”
DS News – “Fannie Mae Extends Selling Agent Bonus to Move REO Properties” (6-14-11)
“Fannie Mae announced Tuesday that it is beefing up incentives to encourage sales of its HomePath REO properties to owner occupants.”
Christopher Cagan from First American predicted a dip in housing prices in the near future. A study from Harvard University showed that high unemployment was fueling the foreclosure crisis. Christopher Thornberg of Beacon Economics believeed the recession was currently, but he expected economic conditions to get worse over the next two years. REIS Inc predicted U.S. apartments would lead a rebound in commercial real estate.
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Tags: Bank of America, bruce norris, Deutsche Bank, Eric Schneiderman, fannie mae, federal housing administration, FHA, foreclosure, ForeclosureRadar, HomePath, HUD, Margaret Kelly, mortgage loans, NAHB, ReconTrust, ReMax, robo-signing, Sean O' Toole, the norris group, Zestimate accuracy, zillow