News

According to the Redfin's Fastest Real Estate Markets Report, the number of homes under contract within two weeks of debut increased 3 percent month-over-month and 39 percent year-over-year in April.

RE/MAX announced the launch of the RE/MAX Collection, a new luxury resource website offering high-end U.S. listings.

Existing-home sales rose a 0.6 percent in April to an annual sales rate of 4.97 million, the highest level since November 2009, the National Association of Realtors (NAR) reported Wednesday. Economists had expected a 1.6 percent increase to 5.0 million from March's original report of 4.92 million sales. The median price of an existing single-family home jumped $8,900 in the month to $192,800, the highest since August 2008.

Mortgage applications continued on a downward slope last week, with refinance volume falling to its lowest level in months, according to the Mortgage Bankers Association's (MBA) Weekly Applications Survey. The survey's Market Composite Index, a measure of mortgage loan application volume, dropped 9.8 percent on a seasonally adjusted basis for the week ending May 17, MBA reported. The Refinance Index decreased 12 percent week-over-week--the fastest weekly drop this year.

Mortech, headquartered in Lincoln, Nebraska, rolled out additional features to its Connect Plus borrower contact and management tool.

Fannie Mae and Freddie Mac reminded servicers of mortgage relief options available to homeowners whose residences were affected by the tornado that ravaged areas in Oklahoma.

The Real Estate Roundtable's outlook for commercial real estate (CRE) remained "modestly optimistic" in Q2 even as public policy uncertainties cloud the future, the group revealed in its Q2 2013 Sentiment Survey. The survey's "Overall Index" reading stands at 69 in the most recent release, unchanged from the previous quarter. That score is based on the average of two indices: the Current Conditions Index (which read 71 for Q2, an increase of one point over Q1) and the Future Conditions Index (67 for Q2, unchanged).

U.S. District Judge Jed Rakoff went back on a previous decision to dismiss most of Dexia's claims against JPMorgan Chase in a $774 million suit. In reversing his decision, Rakoff noted that he didn't have the jurisdiction to grant a dismissal in the first place, citing an appeals court decision in a similar case involving American International Group (AIG) and Bank of America. Dexia filed suit in January 2012, alleging it was fraudulently convinced to purchase more than $1.6 billion of securities that went bad.

Zillow's Home Value Index climbed to $158,300 for April, an increase of 0.5 percent month-over-month and 5.2 percent year-over-year. April marked the sixth consecutive month in which home values appreciated more than 5 percent on a yearly basis. "In the short-term, this has been welcome news for homeowners. But in the long-term, this cannot be sustained, and consumers entering the market today should not expect this kind of appreciation to last," said Zillow chief economist Dr. Stan Humphries.

Indisoft and national nonprofit Hope LoanPort (HLP) announced technology enhancements designed to assist servicers with regulatory compliance.