News From Montrose Colorado and The Zappa Team, brought to you by our friends at Fidelity Title

Top News
2 years into recovery, problems linger
USA Today - - By historical standards, that should be a milestone signifying robust economic expansion and strong job gains, especially in light of the severity of the Great Recession, which officially ended in June 2009.
Tracking Bank Failures: First Heritage Shut Over Memorial Day Weekend
Wall Street Journal Online - - Regulators closed a Washington state bank Friday.  First Heritage Bank of Snohomish, Wash., was absorbed by Columbia State Bank in Tacoma, Wash.

Market News
Mortgage Applications Decrease in Latest MBA Weekly Survey
Mortgage Bankers Association - - The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country.
Average rate on 30-year loan drops to 4.55 pct.; average rate on 15-year falls to 3.74 pct.
Washington Post - - Fixed mortgage rates slid for the seventh consecutive week, but the lowest rates of the year have done little to lift the struggling housing market. Freddie Mac says the average rate on
Foreclosure Starts and Sales Post Sharp Declines in April: Report
DSNews.com - - Both new foreclosure actions and completed foreclosure sales took a dive in April after rising sharply the month before, according to industry data released Wednesday.
Home-price index at lowest point since 2006 bust
USA Today - - Prices fell from February to March in 18 of the metro areas tracked by the Standard & Poor's/Case-Shiller 20-city index. And prices in a dozen markets have reached their lowest points since the housing crisis began.
Freddie Mac Extends Mortgage Relief to Midwestern Storm Victims
DSNews.com - - Freddie Mac borrowers whose homes were damaged or destroyed by the recent storms in the Midwest can now take advantage of the GSE’s full menu of relief policies.

Technology News
How Real Estate Blogs Can Break the Law
REALTOR Magazine - - Unlike advertisements in print media, real estate listings posted on blogs, Web sites, and portals do not have a shelf life. 

Other News
More than 500 cities see more homes become rentals
USA Today - - Almost 4 million homes have been lost to foreclosures in the past five years, turning many former owner-occupied homes into rentals.

Top News
2 years into recovery, problems linger
USA Today - - By historical standards, that should be a milestone signifying robust economic expansion and strong job gains, especially in light of the severity of the Great Recession, which officially ended in June 2009.
Tracking Bank Failures: First Heritage Shut Over Memorial Day Weekend
Wall Street Journal Online - - Regulators closed a Washington state bank Friday.  First Heritage Bank of Snohomish, Wash., was absorbed by Columbia State Bank in Tacoma, Wash.

Market News
Mortgage Applications Decrease in Latest MBA Weekly Survey
Mortgage Bankers Association - - The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country.
Average rate on 30-year loan drops to 4.55 pct.; average rate on 15-year falls to 3.74 pct.
Washington Post - - Fixed mortgage rates slid for the seventh consecutive week, but the lowest rates of the year have done little to lift the struggling housing market. Freddie Mac says the average rate on
Foreclosure Starts and Sales Post Sharp Declines in April: Report
DSNews.com - - Both new foreclosure actions and completed foreclosure sales took a dive in April after rising sharply the month before, according to industry data released Wednesday.
Home-price index at lowest point since 2006 bust
USA Today - - Prices fell from February to March in 18 of the metro areas tracked by the Standard & Poor's/Case-Shiller 20-city index. And prices in a dozen markets have reached their lowest points since the housing crisis began.
Freddie Mac Extends Mortgage Relief to Midwestern Storm Victims
DSNews.com - - Freddie Mac borrowers whose homes were damaged or destroyed by the recent storms in the Midwest can now take advantage of the GSE's full menu of relief policies.

Technology News
How Real Estate Blogs Can Break the Law
REALTOR Magazine - - Unlike advertisements in print media, real estate listings posted on blogs, Web sites, and portals do not have a shelf life. 

Other News
More than 500 cities see more homes become rentals
USA Today - - Almost 4 million homes have been lost to foreclosures in the past five years, turning many former owner-occupied homes into rentals.