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DSNews.com Article Feed
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DSNews.com was conceived as the online counterpart to DS News (formerly REO Magazine),the default mortgage servicing industry's monthly media voice in print. Designed to be the industry's first news bureau and premier online destination, DSNews.com delivers up-to-the-minute news, daily broadcasts and a complete range of industry resources.
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Cityside Hires Chief Business Development Officer
Clinton Alcorn joined Cityside Management Corporation as chief business development officer.
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As Economy Improves, Prices to Hit Bottom in 2013 After Dropping: Fitch
Fitch Ratings released a report projecting another 7.8 percent drop in U.S. home prices before the market reaches sustainability, according to the rating agency's fourth quarter sustainable home price (SHP) report. This is a decrease from last quarter's prediction of a 9.1 percent drop. As long as economic growth is steady and inflation runs close to 3 percent annually, Fitch believes home prices will finally hit bottom in late 2013, and then move towards a slow recovery.
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Story of Recovery Will Lack Uniformity: Demand Institute
While the U.S. housing market appears to be on the road to recovery, it will be a rather patchy one, with some regions seeing home prices rise as high as 5 percent and others falling flat, according to a report released from the Demand Institute, which is jointly operated by The Conference Board and Nielsen.
According to the report, three variables will indicate the speed of recovery for individual states: state-level unemployment rates, the proportion of foreclosure inventory relative to total inventory, and the extent of recent price declines.
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Southern California Home Sales Figures Rise
According to numbers released by DataQuick, last month's home sales numbers in Southern California experienced a modest climb from last year. Median home sales prices in Southland rose year-over-year in April for the first time in 16 months. The median price paid for a home in Southland was $290,000 this year, up from $280,000 in March 2012 and April 2011. This increase is attributed to gains in the region's coastal counties, where home sales made up 71.5 percent of the area's total, an increase from last year's 68 percent. Also cited as cause for this year's higher numbers is the fact that foreclosed and discounted properties made up a smaller portion of sales.
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OCC Directs Allonhill to Cease Foreclosure Review
The Office of the Comptroller of the Currency (OCC) has removed Allonhill from the Independent Foreclosure Review due to concerns about third parties.
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