Monday Morning Cup of Coffee

A look at stories across HousingWire’s weekend desk, with more coverage to come on bigger issues: JPMorgan Chase (JPM) housing analysts lowered their outlook for home prices over the weekend. According to their estimates, the base-case scenario for prices will drop 5% from the first quarter to a bottom in mid-2012 and will then increase over those summer months. Existing home sales slipped in April, spurring the analysts’ revision. The S&P/Case-Shiller home price index showed a drop in the first quarter to a low not seen since 2002. Altos Research analysts said the housing market will enter a period of historically supported volatility. “As we’ve discussed over the past several months, there are increasing risks to the downside in home prices as the supply/demand imbalance puts further pressure on home prices,” analysts said. “However, regional divergence is expected to magnify.” The five Florida counties that adopted the so-called “rocket-docket” nearly reached their goal of reducing backlogged foreclosure cases by 62% in one year. The 20th Judicial Circuit Court in Florida established the “rocket docket” in June 2010. Five counties Lee, Collier, Charlotte, Hendry, and Glades adopted the system designed to accelerate foreclosure cases through the court. In May, preliminary numbers show Lee County has already surpassed the 62% mark, resolving more than 1,400 cases in that month alone. Charlotte and Hendry are more than 90% of the way there. Glades is 83% of the way to its mark. Collier, as of May, had reduced nearly two-thirds of the cases it set out to move through. The system is not without its detractors. A pending case filed by the American Civil Liberties Union threatens to shut down the “rocket docket,” but administrators said the program will lose its funding at the end of June, and will not be renewed. The National Association of Realtors held a global open house event over the weekend, inviting potential homebuyers to properties in local neighborhoods. More than 300 NAR associations participated in the event, along with partners in several countries. The event said NAR President Ron Phipps allowed real estate agents selling homes in a challenging market an opportunity to connect with consumers and discuss housing issues that matter most in these areas. NAR has also been taking those issues to Congress, kicking off a lobbying tour this Spring to persuade regulators and major lenders into lowering underwriting standards on new loans and new rules such as the upcoming risk-retention rule. Hancock Holding Company (HBHC) completed the acquisition of Whitney Bank (WTNY) over the weekend, creating one of the largest financial institutions in the Gulf Coast area. Hancock is now the parent company of two banks: Hancock Bank, headquartered in Gulfport, Miss. and the New Orleans-based Whitney Bank. Combined, the two companies control roughly $20 billion in assets. “We believe the complementary strengths of Hancock and Whitney create a superior, dynamic financial institution with experienced local leadership and talented associates who are ready to serve our valued customers and communities throughout our business footprint spanning the Gulf Coast from Houston, Texas, to Tampa, Florida,” said Hancock CEO Carl Chaney. Current Hancock and Whitney customers will continue to do business at their respective branches with the two firms converting operating systems in early 2012. Whitney shareholders will receive 0.418 shares of Hancock common stock in exchange for each share of Whitney common stock they owned before the merger. One bank failed over the weekend, bringing the total for 2011 to 44. The Office of Thrift Supervision closed Atlantic Bank and Trust in Charleston, S.C. First Citizens Bank and Trust Company agreed to assume all $191.6 million in deposits and purchase essentially all $208.2 million in total assets. The Federal Deposit Insurance Corp. estimates the closing will cost the Deposit Insurance Fund $36.4 million. Write to Jon Prior. Follow him on Twitter @JonAPrior.