U.S. Home Foreclosures Climb 44% to Record in May

U.S. Home Foreclosures Climb 44% to Record in May
Bloomberg, June 11, 2010

U.S. home foreclosures reached a record for the second consecutive month in May, with increases in every state, as lenders stepped up property seizures, according to RealtyTrac Inc. Bank repossessions climbed 44 percent from May 2009 to 93,777, the Irvine, California-based data company said today in a statement. Foreclosure filings, including default and auction notices, rose about 1 percent to 322,920. One out of every 400 U.S. households received a filing. “We’re nowhere near out of the woods,” Rick Sharga, RealtyTrac’s senior vice president for marketing, said in a telephone interview. “We’re likely to set a quarterly record for home seizures if June is anything like May.”

BofA Wants Judge to Allow Utah Foreclosure Sales
Salt Lake Tribune, June 11, 2010

The power of a top U.S. bank to sell foreclosed homes in Utah hung in the balance Thursday. A federal judge heard legal arguments that have temporarily halted hundreds of trustee sales by lending behemoth Bank of America and its foreclosure arm ReconTrust. His ruling is expected today. Bank attorneys attacked a preliminary injunction that was issued May 22 on behalf of St. George homeowner Peni Cox. Her lawyer contends that Bank of America and its affiliates lacked legal standing to conduct those sales in Utah because ReconTrust isn't registered as a business entity with the Utah Department of Commerce.

House Passes FHA Reform Act
HousingWire, June 11, 2010

The House of Representatives today passed House Resolution (HR) 5074, the FHA Reform Act, which establishes a handful of new Federal Housing Administration (FHA) regulations and authorities. The FHA insures approved lenders against default-related losses on qualifying mortgages.