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» IN THE NEWS RedVision Expands Database with Three Arkansas Counties RedVision, a provider of title searches and real property research solutions, added three Arkansas counties to TitleVision, the company's digital repository of property data. The three counties—Benton, Pulaski, and Washington—are now available for streamlined title search production and service queries. TitleVision allows users of title evidence to compile ownership chains, lien information, and pertinent property data. "As the largest independent provider of real property data-enabled solutions, clients can expect to see the number of 'RedVision Advantaged' counties continue to increase based on targeted market demand and local market trends," said Lee Howlett, RedVision, EVP and managing director of national solutions and strategic accounts. Howlett continued, "With clients seeking superior service levels and constant focus on cost management to successfully compete in the marketplace, RedVision's focus on expanding title plant, online, and walk-in coverage across the nation represents a very attractive model for multi-county, regional, and national clients." The company announced the addition of more than 200 counties in 17 states to TitleVision in May 2013. Currently, RedVision's data covers more than 49 million homes across the country. STAT INSIGHT 266% Increase in Arkansas bank repossessions from June to July, representing the nation's largest monthly gain in new REOs. Source: RealtyTrac IN THE NEWS California rank: 39 90+ Day Delinquency Rate Foreclosure Rate June 2013 2.4% Unemployment Rate 1.2% 8.5% year ago 3.3% VISIT US ONLINE @ DSNEWS.COM 2.8% 10.6% Industry Questions Legality of California City's Eminent Domain Plan year-over-year change -27.5% -55.7% -19.8% Top County Lassen CounTy 90+ Day Delinquency Rate Foreclosure Rate June 2013 3.3% 2.4% year ago 3.0% 3.1% year-over-year change 11.1% -24.0% Top Core-Based statistical area susanviLLe, Ca 90+ Day Delinquency Rate Foreclosure Rate June 2013 3.3% 2.4% year ago 2.9% 3.0% year-over-year change 12.0% -21.5% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the June 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary June 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Applied Analytics. MONICA VACAS RE/MAX GRAND CENTRAL Your Helping Hand In Real Estate Serving the San Fernando Valley in California specializing in the Sun Valley Community and a 5 mile radius. "I believe you must know your backyard to be effective in turning your community around." Monica Vacas RE/MAX Grand Central 818-953-7477 Cell 818-771-1352 Direct 10227 Lanark St., Sun Valley CA 91352 Monica@MonicaVacas.com www.MonicaVacas.com CDPE/HAFA Certified REO/BPO Certified The city of Richmond, California, announced an unconventional plan to ward off foreclosures among underwater homeowners, instantly sparking debate and criticism throughout the mortgage industry. In fact, several industry groups have called into question the constitutionality of the plan and voiced concerns about the potential longterm consequences. "After years of waiting on the banks to offer up a more comprehensive fix, or the federal government, we're stepping into the void to make it happen ourselves," Richmond Mayor Gayle McLaughlin told the San Francisco Chronicle. The plan, which "is fraught with negative economic consequences for the community," according to the Association of Mortgage Investors (AMI), calls for the city to obtain the mortgage loans of underwater properties and help homeowners refinance at their homes' current values. Richmond would rely on the San Francisco-based firm Mortgage Resolution Partners to carry out the refinances. The city sent letters to 32 banks requesting to purchase more than 600 underwater mortgages, according to reports. If the banks do not agree to voluntarily sell the mortgages to the city, Richmond officials plan to seize the loans under the city's eminent domain rights. This use of eminent domain is unprecedented. Generally, eminent domain is employed by cities to obtain land for development projects. Several industry groups have called the plan unconstitutional. "Both federal and California law clearly show that this scheme is illegal," stated the American Securitization Forum. The AMI, along with the Mortgage Bankers Association and the Securities Industry and Financial Markets Association (SIFMA), pointed out that mortgages are tied to pension funds for teachers, firefighters, and other middle-class Americans across the country. Seizing these loans would not only damage Americans counting on these investments for their retirement, but it would also have a damaging impact on the future of the mortgage market, according to industry stakeholders. 109