With foreclosures continuing to rise, Bellevue-based DepotPoint has scored $7 million to roll out new online services that help real estate professionals better manage distressed properties.
The deal was led by OVP Venture Partners, with Trident Capital also participating.
“DepotPoint’s tools will significantly streamline the foreclosure process for banks and mortgage servicers,” said OVP’s Mark Ashida in [...]

The generation that invented Rock N’ Roll is in no rush to pay off their mortgages – or leave the workforce any time soon, according to the third annual Affluent Boomers at 60 survey from Bell Investment Advisors.
Reflecting a massive change from the prior generation when a major goal of retirement was to “burn the [...]

Thirty-year fixed-rate mortgages averaged 6.35 percent this week, down 0.1 percent from last week, which had been the highest level since last September, Freddie Mac, the mortgage company, reported Thursday. Rates had been rising for five straight weeks.
Rates on 15-year fixed-rate mortgages dropped 0.12 percent to 5.92 percent; the five-year adjustable-rate mortgage fell 0.21 percent [...]

Applications for the week ended June 27 were down 22.8% compared with the same week in 2007, the Washington-based MBA said.
Refinance applications were up 4.7% on a week-to-week basis, while applications for mortgages to purchase a home increased a seasonally adjusted 2.8%.
The four-week moving average for all loans as tracked by the MBA was down [...]

Consumers fell behind on loans secured by their homes at the fastest pace in two decades in the first quarter, signaling deeper distress in the U.S. economy, the American Bankers Association reported.
Home-equity lines of credit at least 30 days past due rose 14 basis points to 1.1 percent of accounts for the quarter, the Washington-based [...]

Bank of America Corp. has completed its purchase of Countrywide Financial Corp., making the Charlotte-based bank the nation’s leading mortgage originator and servicer.
The Federal Reserve and Countrywide’s shareholders cleared the way for the acquisition last month. As of Tuesday’s close, Bank of America controls between 20 percent and 25 percent of the country’s home loan [...]

U.S. construction spending fell 0.4 percent in May on continued deterioration in the residential sector, but outside of home building private spending rose for the fifth consecutive month, government data on Tuesday showed.
Economists polled by Reuters ahead of the report were expecting a 0.6 percent decrease in overall construction spending after a 0.1 percent drop [...]

Shares of Freddie Mac fell to a 13-year low Monday amid continuing uncertainty about how much the housing market’s troubles will slam the mortgage finance company.
McLean, Va.-based Freddie Mac, along with its government sponsored sibling, Fannie Mae, have posted deep losses due to the ongoing housing crisis.
Fears that those losses could be worse were reinforced [...]

Rates on 30-year mortgages edged lower this week but remained above 6% as signs of economic stability overshadowed continued weakness in the housing market.
Mortgage giant Freddie Mac (FRE, Fortune 500) reported Thursday that 30-year fixed-rate mortgages averaged 6.05% this week, down slightly from 6.06% last week.
“Despite a weak housing market, mortgage rates remained almost unchanged [...]