Headlines in Real Estate for week ending July 6th 2012

Rents & Home prices on the rise, signs of a housing recovery and much more. Here are the real estate headlines you may have missed this week:

Speeding up refinances (via The New York Times)
While many large financial institutions are facing backlogs of mortgage applications as more homeowners take advantage of low interest rates and the government-sponsored Home Affordable Refinance Program (HARP), borrowers looking to accelerate the refinancing process are finding some relief from brokerages and community banks that are not servicing HARP loans. Read Full Story

More homeowners get mortgage principal reduced, but number still small (via The Wall Street Journal)
More than 10,400 homeowners received principal reductions from their lenders in the first three months of the year, the Office of the Comptroller of the Currency said last week. Read Full Story

Foreclosure reviews to offer cash, legal remedies (via San Francisco Chronicle)
Federal regulators probing banks’ alleged mishandling of foreclosures said that some homeowners might get as much as $125,000 each in remediation and would retain the right to sue. Read Full Story

California lawmakers pass historic foreclosure protections (via The Los Angeles Times)
California lawmakers have passed legislation that would provide homeowners with some of the nation’s strongest protections from foreclosure and such aggressive bank practices as seizing a home while the owner is negotiating lower mortgage payments. Read Full Story

Bidding wars could signal home sale recovery (via Orange County Register)
Foreclosure rates are falling, and inventory – the number of homes for sale – has dwindled to pre-recession levels, propelling hordes of smart buyers back into the market and creating bidding wars for the most desirable and aggressively priced homes. Read Full Story

Rents keep rising, while home prices inch higher (via CNNMoney)
U.S. rents rose an average of 5.4 percent over the 12 months ended June 30, according to real estate website Trulia.  Demand from former homeowners displaced by foreclosure and potential home buyers who failed to qualify for mortgages have helped to send rents skyward. Read Full Story

Study: Mortgage modifications help borrowers with other loans (via The Wall Street Journal)
According to a study by TransUnion, borrowers who received mortgage modifications after missing payments are more reliable borrowers in the future – for all types of loans, including credit cards and auto loans – than those who did not receive a modification. Read Full Story

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