News

In a speech at the Operation HOPE Global Financial Dignity Summit in Atlanta, Federal Reserve Chairman Ben Bernanke spoke of the amplified effect the housing crisis has had on minorities and low-income families across the country. He pointed out that while homeownership has declined for the nation overall, the decline has been steepest among households with incomes of $20,000 or less. The homeownership decline among African Americans is also steeper than the national average, Bernanke said, referencing data from the Census Bureau.

Despite a relatively flat September, FNC's latest Residential Price Index (RPI) showed home prices were up in the third quarter. Based on recorded sales of non-distressed properties (both new and existing homes) in the 100 largest metropolitan statistical areas (MSAs), September home prices were mostly unchanged from August. However, prices were up 2.3 percent from September 2011, the largest yearly increased since February 2007. September also marked the third straight month of year-over-year price improvement.

The NAHB revealed 74.1 percent of all homes sold in Q3 were affordable to families earning the U.S. median income.

Prospect Mortgage, a provider of home renovation and purchase financing, announced it is offering two loan programs to help homeowners impacted by Hurricane Sandy rebuild their lives. The programs, backed by the Federal Housing Administration (FHA), provide funding beyond insurance or other disaster assistance by offering financing for owners in declared disaster areas to repair or rebuild their homes or even to purchase a new home if necessary.

Since the IRS will soon allow electronic signatures on Form 4506-T, Equifax has enhanced verifications services in anticipation of the change.

Hope LoanPort announced the availability of free local housing counselor resources through its Homeowner Connect website. Additionally, the organization encourages homeowners impacted by Sandy to reach out to their insurance company, servicer, and to the Federal Emergency Management Agency (FEMA). For homeowners wishing to discuss options such as forbearance with their servicer, Homeowner Connect provides a localized map of free, nonprofit housing counselors available to help.

In the first full week after the storm, initial claims shot up 78,000 to 439,000--the highest level since April 2011--for the week ending November 10, the Labor Department reported Thursday. Economists expected 376,000 initial claims filings.

Redfin announced that as of mid-November, it has saved customers more than $100 million in real estate fees and reached more than $8 billion in home sales. According to Redfin, customers have saved more than $25 million on fees in 2012 alone. The company also boasts a satisfaction rate of 97 percent.

The holiday season has arrived, and for potential homebuyers hoping to celebrate winter in high style, a recently listed home in Aspen, Colorado, gives those seeking luxury properties the opportunity to own - or rent - the good life. Located in the tony Starwood area, the 13,500-square-foot estate is on the market for $18.5 million, but the owners are cashing in on Aspen's busiest time of year, also offering the home for rent at $90,000 per month.

WFG National Title Insurance Company is bolstering its leadership line up, recently adding a new company VP. Announcing the appointment of Rick Diamond, WFG is gaining a new VP of information technology for agency operations.