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  • Chronos Solutions acquires UPF Services

    Chronos Solutions announced its latest business move, finalizing its acquisition of UPF Services. Matt Slonaker, executive vice president of sales and marketing for Chronos Solutions, first alluded to the acquisition in an interview with HousingWire back in July. Now only a few weeks later, Slonaker and Andrew Gladston, senior vice president of corporate development at Chronos Solutions, revisited with HousingWire to give the full details of the acquisition. Click the headline to read what this means for their mortgage business.

3Q homeownership rate moves off lowest level in 13 years

The third-quarter homeownership rate rose to 66.3% in the third quarter, up from 65.9% in the previous quarter, which was the lowest since 1998. The quarterly increase was the first increase in two years. When comparing quarter to quarter, U.S. homeownership dipped slightly from 66.9% in 3Q 2010, but remains near the lowest level in 13 years, according to the Census Bureau. "The homeownership rate remains at a level that suggests America's love-affair with housing is still on the rocks," analysts at Toronto-based Capital Economics said. The Midwest had the highest homeownership rate at 70.3%, followed by the South at 68.4%, the Northeast with 63.7% and 60.7% in the West. Homeownership rates peaked nationwide at 69.2% in both the second quarter and fourth quarter of 2004. The Mortgage Bankers Association reported Wednesday that mortgage applications ticked higher 0.2% this week. Rental vacancies in the third quarter rose to 9.8% from 9.2% in the second quarter, according to the Census Bureau. Rates were highest in the South at 12.2%, followed by the Midwest (10.5%), the Northeast (8%) and the West (7.3%). "The modest increase in the rental vacancy rate in the third quarter does little to alter our view that rental yields will soon rise above 5.5%, comfortably beating the yields available on Treasurys and equities," Capital Economics said. Vacancies for all housing types saw a small drop as well for the third quarter at 18.8 million, or 14.2% of all housing, down from 18.9 million a year earlier. Write to Andrew Scoggin. Follow him on Twitter @ascoggin.

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