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VISIT US ONLINE @ DSNEWS.COM Norman Montalvo of Concord, California, was charged with four felonies in San Francisco federal court, the Justice Department announced, November 1. Montalvo conspired with others to rig bids by designating a winning bidder and having others not bid for certain properties at foreclosure auctions in San Francisco and San Mateo counties, according to a department release. Montalvo also conspired to use the mail to carry out a scheme to fraudulently acquire title to selected properties sold at public auctions, to make and receive payoffs, and to divert to co-conspirators money that would have been used to pay mortgage holders. The department explained the rigged bids were used to obtain certain properties at non-competitive prices, which makes it difficult for mortgage holders to secure enough in proceeds to pay off debt associated with the property. The department said Montalvo began the schemes with others to rig bids and commit mail fraud as early as June 2008 and continued until about September 2010. "The real estate investors involved in the conspiracy illegally restrained competition at foreclosure auctions by falsely creating the appearance of unfettered bidding while they were secretly colluding to suppress prices," said Scott D. Hammond, deputy assistant attorney general of the Antitrust Division, in a release. "The Antitrust Division remains committed to holding accountable those involved in anticompetitive acts that harm lenders and distressed homeowners." According to the Justice Department, those found guilty of violating the Sherman Antitrust Act face a maximum penalty of 10 years in prison, and a count of conspiracy to commit mail fraud holds a maximum sentence of 30 years in prison. STAT INSIGHT 3.2% Percentage of mortgages delinquent for more than 90 days in California. Source: Wells Fargo Securities California Seeing Positive Signs in Housing Market The housing market in California continues to show green shoots as consumer confidence in the housing sector improves. Recent data from the California Association of Realtors (C.A.R.) shows that 57 percent of home sales received multiple offers this year. This is the highest level that California has seen in 12 years. Homes in California received an average 4.2 offers, up from 3.5 offers last year. Foreclosed homes are the more attractive properties to buy. Seven out of 10 REO sales received multiple offers while only half of equity sales received more than one offer, according to the survey. "Well-qualified buyers are recognizing the once-in-a-generation opportunity to purchase a home in California and are jumping into the market," said C.A.R. President LeFrancis Arnold in a statement. "However, the fierce market conditions have forced many buyers to compete with all-cash offers and investors, setting off multiple offers and bidding wars, making it even more difficult for first-time buyers to become homeowners." This is great news for sellers who found that the competitive housing market bumped up prices. Nearly 41 percent of sellers sold their homes without a markdown from the asking price. And they were selling faster this year in comparison to last year with equity sales selling in 32 days in 2012, down from the 67 days it took a home to sell in 2011. One-third of consumers are paying cash for their homes in 2012, more than triple the number of all-cash buyers in 2001. Equator Provides Access to EQ Platform Via Mobile Devices Equator, a default servicing technology provider, launched a mobile Web portal in October to offer support for on-the-road real estate agents. EQagent Mobile is the industry's first mobile servicing solution that addresses the needs of agents who are out and about. Through the Web portal, agents have access to Equator's EQ Platform, allowing them to manage their short sale and REO property assignments when out of the office. The new mobile Web portal supports Apple and Android mobile devices and is available at Ma.Equator.com. The service is available for free to agents who register with Equator. Through EQagent Mobile, agents can handle a number of tasks including receiving and responding to messages for property assignments, uploading photos to the EQ Platform, and viewing short sale and REO property listings and details. "Most successful real estate professionals spend a considerable amount of their work hours in the field helping buyers and sellers," said Chris Saitta, CEO of California-based Equator. "That's why we created EQagent Mobile." PCV Murcor Debuts Rental BPO Valuation Tool PCV Murcor unveiled its newest valuation tool to mortgage industry professionals in October at the Mortgage Bankers Association's 99th Annual Convention. It's called Rental Broker Price Opinion (BPO)—a tiered offering that includes a BPO, automated rent estimate (ARE), and an optional reconciled broker opinion of the ARE. It also includes rent comparables and sales listing data mapped from the subject neighborhood. "Investors need a portfolio due diligence tool that will assist them in making a 'buy/ no buy' decision on a bulk purchase of REO assets," said Keith Murray, CEO of PCV Murcor. According to Murray, there are two critical pieces of data required for informed investment decisions. The first is the value of the property and the second is an estimate of the potential rental income. "Our Rental BPO would provide both of these required numbers in one easy-to-understand report," Murray said. A key feature of PCV's Rental BPO is that it includes more than just sales listings, rental estimates, and market trending data. It also adds verified property condition information and local sales and rental market knowledge from a licensed broker. PCV says these value-adds make Rental BPO a more effective tool than alternative products such as automated valuation models (AVMs) and property inspection packages, neither of which incorporate a local broker's familiarity and insight. Such differences, the 93

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