“As part of a settlement with state attorneys general, the five largest mortgage servicers are adopting new requirements for short sales, which is expected to speed-up what has been known as a lengthy process.”

Here are some of the new requirements for servicers under the settlement:

• Servicers must provide borrowers with a decision within 30 days after receiving a short sale package request.

• Servicers will be required to notify a borrower, also within 30 days, if any necessary documents are missing to process the short sale request.

• Servicers must notify a borrower immediately if a deficiency payment is needed to approve the short sale. They also must provide an estimated amount for the deficiency payment needed for the short sale.

• Servicers are also required to form an internal group to review all short sale requests.

• Banks will be considered in violation of the settlement requirements if they take longer than 30 days on more than 10 percent of the short sale requests. Violations can carry fines of up to $1 million and $5 million for repeat offenses.

“If a real estate broker can get a checklist from the bank detailing what documentation is needed, everything can be provided up front, and the bank will be required to give a thumbs-up or a thumbs-down within 30 days,” short sale specialist Chris Hanson with the Hanson Law Firm told HousingWire. “That’s not a bad deal.”

“Foreign buyers are helping to stoke home sales in U.S. vacation hot spots decimated by the real estate crash, especially in southern Florida.”

“For the 12 months ending in March, 31 percent of Florida’s home sales were to foreign buyers, up from 10 percent in 2007, according to a survey by the National Association of Realtors.”

‘In Arizona, 6 percent of sales in the same period were to foreigners. That was down from 11 percent last year but still up from 5 percent in 2007, the data show.”

“Foreign buyers are being enticed by low U.S. home prices, down 30 percent nationwide since peaking in 2006, and the weakened dollar, which makes their money go further. Since the start of 2006, the Canadian dollar has soared 18 percent against the U.S. dollar, while the euro has gained 22 percent, says data tracker Oanda.”

“U.S. home prices, meanwhile, have fallen far more than the national average in some places, down 55 percent from their peaks in Miami-Fort Lauderdale and Phoenix, and 36 percent in Los Angeles, says Zillow.com. Those are three of the most popular areas for foreigners searching for real estate on Trulia’s website, that company says.”

“Sales are so brisk in the Miami region now that more houses and condominiums could sell this year than in 2005, the peak year, says Ronald Shuffield, president of Esslinger-Wooten-Maxwell Realtors in Coral Gables, Fla.”

“International buyers have been the fuel for the Miami recovery,” Shuffield says.

“About 40 percent of buyers are international vs. less than 35 percent before the bust, he estimates. Many buyers are South American investors snapping up condominiums to rent out, says Peter Zalewski of market researcher Condo Vultures.”

‘In the Phoenix region, there are at least 20 percent more foreigners in the market now than usual, says Don Hammer, manager of Realty Executives in Paradise Valley, Ariz.”

“One of those shoppers is retired hedge fund manager Peter Duerr of Austria. He’s planning to buy a home in Scottsdale, having sold one there in 2005. “The U.S. is a great buy right now,” Duerr says.”

“The largest share of foreign buyers, 23 percent, come from Canada, the Realtors’ survey found. China followed at 9 percent. The survey includes foreigners living abroad, those in the U.S. with long-term visas and new immigrants.”

“House Republicans called the Obama administration’s foreclosure prevention program “a colossal failure” and have introduced a bill to end it.”

“Republicans are calling for the immediate end of the Home Affordable Modification Program. The program has been under attack from both Republicans and Democrats in recent weeks for the program’s failure to do enough to prevent foreclosures.”

“It’s one more example of why government interference in the private sector doesn’t work and that’s why it should be repealed,” said Rep. Jim Jordan (R-Ohio), who introduced the bill, in a statement.”

“Administration officials have defended the bill, saying it has helped standardize industry practices and sparked more loan modifications in the private sector.”

“However, Republicans say that the program has been struck by low participation among home owners and has been far from reaching its goals. By the end of last month, about 522,000 home owners were enrolled in HAMP loan modifications. Yet, the program’s goal is 4 million home owners. The program has faced a high drop-out rate too: About 793,000 home owners who were once enrolled in HAMP have since left.”