RealtyTrac, an online foreclosure marketplace based in Irvine, Calif., has reported that the number of new properties in some stage of foreclosure decreased 2.5% nationwide in May.The company's Monthly U.S. Foreclosure Market Report indicates that 62,432 new foreclosure properties were added to the rolls in May, compared with 64,057 in April. "Although there were significant monthly fluctuations in some states, May's foreclosure numbers should help curb any immediate concerns of a nationwide real estate bubble," said James J. Saccacio, RealtyTrac's chief executive officer. The company said new reported foreclosures in New Mexico soared in May, giving it the nation's highest foreclosure rate. One property was in foreclosure in New Mexico for every 554 households, more than three times the national rate of one in 1,853, the company reported. RealtyTrac can be found online at http://www.realtytrac.com.
-
Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
5h ago -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
6h ago -
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
10h ago -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
11h ago -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17 -
Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16