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The MReport Webcast: Wednesday 1/14/2015

December saw home values decline for the first time in 10 months, with all four major U.S. regions experiencing a small month-over-month backslide, according to a report released Tuesday. Using data drawn from tens of thousands of appraisals nationwide, Quicken Loans reported a 0.74 percent month-over-month drop in its Home Value Index last month. Compared to a year ago, values remain up 2.26 percent nationally, indicating an overall positive trend.

Quicken Loans also reported Tuesday that the gap between homeowners' and appraisers' home value opinions continued to close in December, with appraisers' opinions coming in less than 1 and a half percent above homeowners' nationally. That compares to a difference of 1.56 percent in November. Quicken’s chief economist, Bob Walters, said the narrowing gap is an encouraging sign that Americans are becoming more tuned in to housing market trends.

Ocwen Financial Corp.'s already difficult regulatory situation grew worse this week after news broke that a California state agency is seeking to have the company's mortgage license suspended. The LA Times was the first to report that California's Department of Business Oversight is moving to halt Ocwen's operations in the state after the company failed to provide documentation about its compliance with California's Homeowner Bill of Rights. A spokesperson for the department confirmed the report, saying that Ocwen's lack of response comes despite repeated requests from the state.

About Author: Jordan Funderburk


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