REO

A California man has been indicted by a federal grand jury for allegedly trying to rig public foreclosure auctions in Northern California between 2008 and 2011.

Home prices rose 1.2% in April, from the previous month, in the largest seasonal gain since 2005, according to FNC.

Senate Democrats are urging regulators to investigate potential discrimination in how banks and other financial institutions handle and market foreclosed homes.

Royal Financial in Chicago has agreed to sell $29.1 million in distressed assets, a deal mandated by a bankruptcy judge as part of the company's acquisition of PNA Bank.

The U.S. Attorney's Office for the Eastern District of California has indicted Robert Farrace of Modesto, Calif., on charges of wire fraud in connection to a short-sale scheme.

When the next wave of REO activity hits, it will be heavily influenced by some of the leftover problem loans from the last downturn, as well as new defaults from more recent originations.

RealtyTrac reported 126,868 foreclosure filings last month, the highest level of activity in 19 months, driven mainly by bank repossessions and a 5% year-over-year increase in scheduled foreclosure auctions.

The decline in foreclosures and short sales is contributing to the dearth of housing inventory, complicating the prospects for home buyers feeling the pinch of tight credit and lenders that need purchase mortgages to supplant refinancing once interest rates rise.

Foreclosures might seem like yesterday's news, but banks are still busy with the cleanup phase of the housing crisis. The situation is producing some herky-jerky housing statistics, and prompting calls for more reforms in states like New York still suffering from stalled dockets and blight.

Invitation Homes, a subsidiary of Blackstone Group, is back with its third single-family rental securitization of the year.