Short sales

Bank of America has received approval for additional credit during the first quarter of 2015 from the independent monitor overseeing its compliance with the requirements of its mortgage settlement agreement.

The share of U.S. home purchases made with cash has fallen to a five-year low as investors pull back from a property market that's rebounding without them.

Unless Congress acts before the end of 2015, homeowners who had their mortgage principal reduced in a loan modification or lost their homes through a foreclosure or short sale will find themselves in this position.

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.

The number of homes classified as serious delinquencies fell 2% from March to April, as industry players continue to use short sales and other techniques, according to the advocacy group Hope Now.

A flood of ex-homeowners may be ready to re-enter the mortgage market over the next five years, according to a TransUnion report.

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.

A Virginia short sale specialist was convicted Wednesday by a federal jury on charges including mortgage and tax fraud.

There were foreclosure filings on a reported 125,875 properties in April — 3% more from the previous month and 9% more from a year ago.