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Short Sales and REOs Combine for 25 Percent of August U.S. Home Sales


RealtyTrac released its August 2013 U.S. Residential & Foreclosure Sales Report, which shows that U.S. residential properties, including single family homes and condominiums and townhomes, sold at an estimated annualized pace of 5.6 million in August, up two percent from the 5.5 million pace in July and up 12 percent from the 5.0 million pace in August 2012.Click to continue

Illinois AG Madigan Files Suit Against Safeguard Properties for Improper Foreclosure Tactics


Illinois Attorney General Lisa Madigan has filed a lawsuit against Safeguard Properties LLC for illegally evicting struggling Illinois homeowners by breaking into their homes, changing locks to bar residents from re-entry, and shutting off utilities well before a foreclosure is finalized. Madigan filed her lawsuit in Cook County Circuit Court against Safeguard, a Delaware corporation based in Ohio.Click to continue

Statewide Home Sales in California Up 3.1 Percent Over Last August

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An estimated 42,546 new and resale houses and condos sold statewide in California in August. That was down 1.9 percent from a revised 43,381 in July, and up 3.1 percent from 41,280 sales in August 2012, according to San Diego-based DataQuick. The sales count was the highest for any August since 51,054 homes sold in August 2006. August sales have varied from a low of 29,764 in 1992 to a high of 73,285 in 2005.Click to continue

Foreclosures Drop 25 Percent Year-Over-Year in July

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CoreLogic released its July National Foreclosure Report which provides data on completed U.S. foreclosures and the national foreclosure inventory. According to CoreLogic, there were 49,000 completed foreclosures in the U.S. in July 2013, down from 65,000 in July 2012, a year-over-year decrease of 25 percent. On a month-over-month basis, completed foreclosures decreased 8.6 percent from the 53,000 reported in June.Click to continue

Jan Lindquist Named NAPW VIP Woman of the Year


Jan Lindquist is a professional broker/owner of Minnesota REO Properties Inc. and has attained the highest level of membership to the National Association of Professional Women as a VIP Woman of the Year and has been recognized for outstanding leadership and commitment within her profession. At the time of its incorporation in 1999, Lindquist was elected president and CEO of Minnesota REO properties. She was elected as the majority stockholder in order to propagate the influence of woman owned corporations in the real estate industry.Click to continue

July Delinquency Rate Drops Nearly Nine Percent Year-Over-Year

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Lender Processing Services Inc. (LPS) has reported the following "first look" at July 2013 month-end mortgage performance statistics derived from its loan-level database representing approximately 70 percent of the overall market. Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure) stood at 6.41 percent for the month of July, with a month-over-month change in delinquency rate of -3.96 percent, and year-over-year change in delinquency rate of -8.76 percent.Click to continue

The Truth Behind the Obama Mortgage Reform Plan

President Obama wants private banks to use depositor and investor funds to write 30-year fixed rate mortgages at affordable rates. He won't admit those goals and others imposed by Congress require the federal government to guarantee mortgages and banks against failure.

Mortgages require banks to borrow short and lend long. They pay depositors and investors interest rates that fluctuate and offer funds to homeowners at fixed rates for the duration of loans.Click to continue

FHA to Allow Troubled Borrowers to Reenter Market in Shorter Time-Frame

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The FHA’s latest Mortgagee Letter 13-26 "Back to Work - Extenuating Circumstances," begins with the following: “As a result of the recent recession many borrowers who experienced unemployment or other severe reductions in income, were unable to make their monthly mortgage payments, and ultimately lost their homes to a pre-foreclosure sale, deed-iClick to continue

July Foreclosures Plummet 32 Percent Annually Nationwide


RealtyTrac released its U.S. Foreclosure Market Report for July 2013, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 130,888 U.S. properties in July, an increase of two percent from the 78-month low in June but still down 32 percent from July 2012. The report also shows one in every 1,001 U.S. housing units with a foreclosure filing during the month.

High-level findings from the report:Click to continue