DJSP Enterprises Acquires Timios, Inc.

DJSP Enterprises completed its acquisition of Timios, Inc. DJSP Enterprises is one of the largest providers of processing services for the mortgage and real estate industries. It now plans to leverage Timios’ best in class technology and paperless processes across the existing operations in Florida. “Completion of this acquisition represents a significant step forward in our quest to become the leading cyclical provider of products and services to the mortgage and real estate industries,” said David Stern, Chief Executive Officer for DJSP.

Impressive June Numbers

Tampa Bay area homes sales have increased significantly in June 2010. 3,226 homes were closed, four hundred more than this time last year. Condo sales have grown, as well. In the Tampa Bay area, condos ha sales have gone up 38% compared to a year ago.

Shiller Chills and Get Positive

Standard & Poor’s Case-Shiller Home Price Index shows that prices are actually starting to rise again in some parts of the country. Cities like Boston, Charlotte, Chicago, Cleveland, Dallas, Minneapolis and San Francisco all have home prices on the rise.

“This is the first time in almost three years that we’ve seen price increases,” says Yale University professor Robert Shiller, who helped design the home price index. “So when we see a break in the downward trend that’s definitely encouraging news.”
“Well, I think the worst is probably behind us — the worst pace of decline,” he says. “We were going down at 2 percent a month for a number of months in a row nationally. That was really something. Now home prices relative to rents or construction costs are back at normal levels.”

Many Realtors are seeing multiple offers making some speculate that we have reached a housing bottom.

“Well, I think it very much depends on what city you’re in,” says William Wheaton, a housing economist at MIT. “There are really two types of markets right now.”

Wheaton notes that in states with 50% drops like Arizona, California and Florida that indeed we may be at a bottom.

“If you’re in a market like California, where prices have fallen 50 percent and transactions have picked up and you ask your friendly professor ‘Is this the bottom?’ I would say pretty much so,” Wheaton says.” If you could buy a house [for] 50 percent of what you could a few years ago, I’d say go ahead and buy it.”

Source: NPR

U.S. Foreclosures Decreases 6%

RealtyTrac, reports in its just released May 2009 U.S. Foreclosure Market Report that foreclosure filings-default notices, scheduled auctions and bank repossessions-were decrease by 6% from the previous month.
California posted a 4% decrease in foreclosure activity from the previous month.

Default notices, scheduled auctions and bank repossessions in Florida were all down from the previous month.

Related articles:

• Foreclosures Slow 6 Percent in May (abcnews.go.com)
• U.S.home foreclosures fall in May (thestar.com)