New president named to head DFW Coldwell Banker Residential offices
03/16/2014 1:39 PM
03/16/2014 1:40 PM
Frank Obringer, most recently the managing broker of Coldwell Banker Residential Brokerage in Bradenton, Fla., has been named president of the company’s Dallas-Fort Worth brokerage.
He replaces Sue Meyer, local president since 2007. Meyer, who is retiring, will assist in a transition for several months, the company said.
The DFW brokerage has 15 offices and about 750 sales associates.
Obringer has more than 20 years of real estate experience, Coldwell Banker Residential said. Last year, he became managing broker of the company’s special division of tech-savvy sales associates in southwest Florida, who use Web-based technology and marketing to attract and complete business sales from buyers and sellers, the company said.
“Frank has done a tremendous job guiding our East Manatee office through some of the most challenging years in real estate history,” said Kate Rossi, executive vice president of the Southeast region for NRT LLC, parent company of Coldwell Banker Residential Brokerage. “I have a great deal of confidence in his leadership skills and proven track record, and am excited to have him in this new expanded leadership position. We wish Sue well and thank her for her many years of dedicated service to our company.”
Underwater mortgages show small rise in Fort Worth-Arlington
The number of Fort Worth-Arlington residential properties with a mortgage that is underwater, or in negative equity, rose slightly in the fourth quarter of 2013, according to CoreLogic.
In Fort Worth-Arlington, 4.1 percent, or 15,957 residential properties, had a mortgage that was underwater, compared with 4 percent, or 15,674 properties, in the third quarter of 2013, CoreLogic said.
An additional 2.3 percent, or 8,828 residential properties, were in near-negative equity in the fourth quarter, up from 8,786 in the third quarter, CoreLogic said.
Nationwide, 13.3 percent of all residential properties with a mortgage, or 6.5 million homes, were in negative equity at the end of 2013, CoreLogic said.
Negative equity, sometimes referred to as “upside down,” means the borrower owes more than the property is worth. Negative equity can occur because of a decline in the value of the property, an increase in mortgage debt or both.
“The plight of the underwater borrower has improved dramatically since negative equity peaked in December 2009, when more than 12 million mortgaged homeowners were underwater,” said Mark Fleming, CoreLogic’s chief economist. “Over the past four years, more than 5.5 million homeowners have regained equity, reducing their risk of foreclosure and unlocking pent-up supply in the housing market.”
In 2013, more than 4 million property owners nationwide gained equity, in part because of rising home prices, CoreLogic said.
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