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IN THE NEWS Colorado rank: 47 90+ Day Foreclosure Unemployment Delinquency Rate RateRate march 2012 2.00%1.60% 7.8% year ago OCC Directs Allonhill to Cease Foreclosure Reviews 2.17%1.97% 8.5% percent point change -7.8%-18.8%-8.2% Top County RIO GRANDE COUNTY 90+ Day Delinquency Rate Foreclosure Rate march 2012 1.48%2.89% year ago 1.76%2.33% percent point change -16.1%23.9% Top Core-Based Statistical Area GRAND JUNCTION, CO 90+ Day Foreclosure Delinquency Rate Rate march 2012 2.51%2.30% year ago 2.71%2.51% percent point change -7.4%-8.0% note: The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the March 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary March 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. Colorado Re/Max Alliance & The Haas Team ZAC BROWN 303-456-7790 Direct || 303-619-4803 Cell www.zacbrownrealestate.com www.thehaasteam.com zaclbrown@aol.com STAT INSIGHT -36.2% Decrease in Colorado foreclosure sales in April 2012 compared to the year before. Source: Colorado Division of Housing 88 The Office of the Comptroller of the Currency (OCC) has directed Allonhill to cease reviewing files as a primary or subcontracted consultant for the Independent Foreclosure Review initiative currently under way. This action comes after Denver-based Allonhill reported work for third parties that the OCC determined did not fit with its requirements for independent consultants. Part of Allonhill's pool of loans for the Independent Foreclosure Review involved loans that the company had previously reviewed for third parties. The OCC stated the decision to remove Allonhill from its list of approved auditors does not reflect on the quality of work performed by Allonhill but is necessary to ensure the independence of the loan review process going forward. Allonhill founder and CEO Sue Allon expressed disappointment over the regulator's decision, but noted the company will continue to provide "the highest quality of services" to its clients and plans to do its part to help the country recover from the mortgage crisis. "At Allonhill, we have always been committed to the highest levels of integrity and transparency," she said. "While we have the utmost regard for the objectives of the Independent Foreclosure Review process and its positive impact on the mortgage industry, we are profoundly disappointed by the OCC's decision." The Independent Foreclosure Review is mandated under the regulatory consent orders handed down by the OCC and the Federal Reserve to the nation's 14 largest mortgage servicers in April 2011. Regulators directed the servicers to hire independent consultants to review foreclosure actions from 2009 and 2010 in order to identify any borrowers who may have experienced financial harm as a result of servicing errors or faulty foreclosure practices. Members of Congress have expressed concern about the independence of companies engaged to conduct these foreclosure audits and called for more transparency in the review process. RE/MAX Survey of 53 Metros Finds Home Prices Up Again According to a housing report recently released by RE/MAX, home prices rose in March for the second month in a row on a year-over-year basis. The RE/MAX report included 53 metro areas and found the median price in March was $184,525, a 7.3 percent price increase from February, and a 5.8 percent increase from a year ago in March 2011. A consecutive increase on a year-over-year basis has not occurred since August 2010, according to the report. Of the 53 metro areas, 36 experienced year-over-year price increases, with 10 seeing double-digit gains including Detroit, Michigan (+22.8 percent); Miami, Florida (+21.8 percent); St. Louis, Missouri (+18.5 percent); Phoenix, Arizona (+18.2 percent); Atlanta, Georgia (+13.7 percent); and Orlando, Florida (+12.7 percent). "Although we don't expect home prices to rise in every market at the same rate, the worst is definitely behind us, and a slow, steady recovery is taking hold," said Margaret Kelly, CEO of RE/MAX. March home sales surged 25.4 percent compared to February and rose by 1.5 percent a year ago, according to RE/MAX's analysis. The real estate franchise attributed the increases to good weather, low interest rates, attractive pricing, and improving consumer confidence. Of the 53 metro areas included in the March survey, 33 experienced year-overyear increases in sales, 17 of which saw double-digit growth including Wilmington, Delaware ( +41.8 percent); Omaha, Nebraska (+30.6 percent); Providence, Rhode Island (+26.6 percent); Tulsa, Oklahoma (+26 percent); Chicago, Illinois (+23.7 percent); and Milwaukee, Wisconsin (+21.4 percent). For homes sold in March, the average number of days on market was largely unchanged at 101, two days less than February's average and three days less than the year-ago average. RE/MAX reports the average inventory of homes on the market in March dropped 2.8 percent from the previous month and 23.2 percent from March 2011. The decline in supply marks the 21st consecutive month in which inventories have fallen. The months' supply dropped to 5.3 months in March compared to February's