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» VISIT US ONLINE @ DSNEWS.COM 79 IN THE NEWS FDIC Closes Maryland Bank; 9th of 2014 e FDIC announced the closure of another bank, noting that Slavie Federal Savings Bank of Bel Air, Maryland, has been closed. e FDIC entered into a purchase and assumption agreement with Bay Bank, FSB, of Lutherville, Maryland, to assume all the deposits of the recently shuttered Slavie Federal Savings Bank. e two branches of Slavie Federal Savings Bank will reopen as branches of Bay Bank during normal business hours, with depositors automatically becoming depositors at the new bank. e FDIC urges former Slavie Federal Savings Bank customers to use their existing branch until they receive notice from Bay Bank that it has completed system changes to allow the new bank to process their accounts. "As of March 31, 2014, Slavie Federal Savings Bank had approximately $140.1 million in total assets and $111.1 million in total deposits. Bay Bank, FSB, will pay the FDIC a premium of 0.2 percent to assume all of the deposits of Slavie Federal Savings Bank," FDIC said. In addition to assuming all of the deposits, Bay Bank agreed to purchase approximately $129.9 million of the failed bank's assets. e FDIC will retain the remaining assets for later disposition. e FDIC estimated that costs to the Deposit Insurance Fund (DIF) will be $6.6 million. Bay Bank's acquisition was the least costly solution for the FDIC's DIF. Slavie Federal Savings Bank is the ninth FDIC-insured institution to fail this year, and the first in Maryland. e last FDIC-insured institution closed in the state was Bank of the Eastern Shore in Cambridge, Maryland, on April 27, 2012. the third consecutive month in which sales decreased compared with the same month in 2013, contributing to a year-to-date decrease of 2.4 percent. Only 10,984 homes have been sold so far in 2014 versus 11,253 during the same period last year. Timothy M. Warren Jr., CEO of the Warren Group, said, "[I]t is a bit of a surprise that we are not seeing more forward momentum," but also noted while these sales might have "closed in April ... the buyers were shopping and negotiating back in February, the middle of a brutal winter," meaning the latest figures are "not a reflection of the strength of the spring market." As sales fell, the median price for single- family homes continued to rise, marking the 19th consecutive month it has increased statewide. As the Warren Group's data shows, while the median price only rose 0.6 percent to $315,000 from $313,000 last April, year-to-date prices were up 5.2 percent from $294,000 in 2013 to $309,350 this year. In contrast to home sales, April condominium sales in Massachusetts increased 7 percent to 1,596 from 1,493 last April. is, according to the Warren Group, is the 10th consecutive month of increasing condo sales with a 10.5 percent gain year-to-date. e median sales price increase for condos was more impressive, posting a 10.7 percent increase to $310,000 for April compared to $280,000 a year prior. As Warren explained, "Condos are proving to be a very popular segment of the market and the high demand is driving up the prices. For April, the median price of a condo is just $5,000 below the median price of a single-family home. Ten years ago, the difference was $72,000." Massachusetts AG Sues Fannie/Freddie Over Buyback Programs Massachusetts attorney general Martha Coakley has sued the Federal Housing Finance Agency (FHFA) and mortgage giants Fannie Mae and Freddie Mac, alleging the companies' refusal to engage in foreclosure buyback programs is "unfairly and illegally causing Massachusetts families to lose their homes." Filed earlier this month in Suffolk Superior Court, the Massachusetts AG's suit alleges that Fannie Mae and Freddie Mac refuse to comply with an August 2012 state law. Buyback programs, in this instance, are used by nonprofit organizations to buy a foreclosed property to resell it back to the original owner at a more affordable price. e IN THE NEWS April Home Sales Drop in Bay State April sales of Massachusetts single-family homes dropped 2.3 percent compared with the same month last year, according to the latest study from the Warren Group. e percentage decline represents a decrease from 3,508 last year to 3,427 in April. According to the group's study, April is Massachusetts RANK: 28 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate APRIL 2014 3.54% 1.51% 6 YEAR AGO 3.43% 2.41% 7 YEAR-OVER-YEAR CHANGE 3.2% -37.3% -1 Top County FRANKLIN COUNTY 90+ Day Foreclosure Delinquency Rate Rate APRIL 2014 5.49% 3.34% YEAR AGO 5.03% 3.45% YEAR-OVER-YEAR CHANGE 9.1% -3.4% Top Core-Based Statistical Area SPRINGFIELD, MA 90+ Day Foreclosure Delinquency Rate Rate APRIL 2014 5.98% 2.73% YEAR AGO 5.12% 3.72% YEAR-OVER-YEAR CHANGE 17.0% -26.7% 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 April 2014 foreclosure rate. All fi gures are rounded to the nearest decimal. The unemployment rate refl ects preliminary April 2014 fi gures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. Massachusetts Baris Berk United Brokers 1725 Revere Beach Prkwy Everett, MA 02149 617.389.2700 tel 617.461.4238 cell 617.389.5656 fax reomaster@live.com www.unitedbrokersworld.com Maryland had 1,640 foreclosure starts in May 2014, up 0.12 percent from April, according to RealtyTrac. KNOW THIS

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