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ยป Colorado rank: 50 90+ Day Delinquency Rate Foreclosure Rate September 2013 1.4% Unemployment Rate 0.7% 6.9% year ago 1.8% 1.4% 7.9% year-over-year change -20.3% -46.6% -12.7% Top County Las animas CounTy 90+ Day Delinquency Rate Foreclosure Rate September 2013 3.1% 2.3% year ago 2.7% 2.2% year-over-year change 13.5% 4.3% Top Core-Based statistical area monTrose, Co 90+ Day Delinquency Rate Foreclosure Rate September 2013 1.5% 1.6% year ago 1.7% 2.3% year-over-year change -15.3% -31.2% 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 September 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary September 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. IN THE NEWS Special Servicer Statebridge Announces Closing with FrontRange Capital Statebridge Company, LLC, a residential mortgage special servicer headquartered in Greenwood Village, Colorado, announced it has completed an investment in the company made by the private equity firm FrontRange Capital Partners, LLC. The size of the investment was not disclosed. On July 23, Statebridge and FrontRange announced the execution of a definitive agreement contingent on regulatory approval. The final regulatory approval was recently received, clearing the way for closing the deal on November 5. Statebridge says proceeds from the FrontRange investment will be used to repurchase all of Integrated Asset Services' current ownership interest in Statebridge as well as upgrade its operating platform and strengthen the company's balance sheet in order to qualify for Fannie Mae and Freddie Mac servicing. Statebridge executives founded the firm in 2008 and developed its servicing practices from the ground up, relying on their years of experience overseeing hundreds of servicers and roughly $3 trillion of mortgages. The management team plans to build on the company's recent growth by diversifying its servicing offerings to include GSE-backed loans. "With this investment from FrontRange, we plan to accelerate . . . growth by making strategic investments in our people and systems, as well as becoming a GSE servicer," said Kevin Kanouff, president and CEO of Statebridge. FrontRange focuses on investments in real estate and high growth, high cash flow businesses. Founded in 2010 and also headquartered in Colorado, FrontRange invests capital on behalf of institutions and high net worth individuals and seeks to generate riskadjusted returns and capital preservation with its strategic investments. "We have known the Statebridge principals for many years and have been impressed by their proven ability to build an exceptional team and platform," said David Robertson, CEO of FrontRange. "Management continues to own a significant stake in Statebridge, and we look forward to partnering with them to invest in the growth of the business." Housing Trends Settle for Cold Months, Inventory Decline Slows RE/MAX's latest market data shows an expected seasonal slump in September, with both home sales and home prices dipping from August. According to the company's National Housing Report for September, closed transactions fell 18.5 percent month-over-month, in line with the trend that usually manifests as summer passes into autumn. Year-over-year, sales increased 10.7 percent, making September the 27th consecutive month in which sales rose on an annual basis. Of the 52 metro areas surveyed, 47 reported higher sales than in September 2012, and 34 of those reported double-digit gains. Top markets were Chicago (+27.6 percent), Boston (+20.7 percent), Anchorage (+19.9 percent), Kansas City (+19.3 percent), and Wichita (+19.1 percent). VISIT US ONLINE @ DSNEWS.COM RE/MAX reports the median price of all homes sold in September was $185,000, 1.7 percent below August's median but 12.2 percent higher than September 2012. It was the 20th straight month to see prices improve over the prior year. Forty-six of the 52 metros tracked in September reported higher sales prices than one year ago, and 19 posted doubledigit increases. As usual, the top markets for improvement were those that have the most ground to recover, including Detroit (+44.4 percent), Atlanta (+36 percent), Las Vegas (+30.5 percent), San Francisco (+28.5 percent), and Miami (+24.4 percent). "It's normal for the housing market to slow down a bit after the peak summer season, but it's really encouraging to see that both sales and prices remain significantly higher than this time last year," said RE/ MAX CEO Margaret Kelly. "The strong performance we saw this summer and throughout 2013 confirms we've passed the early stages of a housing recovery and are now moving toward a sustainable marketplace." RE/MAX also reported a slowdown in the rate of inventory decline. Compared to last year, September inventories were down 13.4 percent, bringing the months' supply to five at the current sales pace. It was the sixth consecutive month in which inventory fell at a slower rate than the year before. STAT INSIGHT 10.8% Share of delinquent GSE loans in Colorado past due by more than 365 days. Source: Federal Housing Finance Agency 73