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foreclosures

Existing-Home Sales Continue to Improvement in November

House Keys/Credit: Digital Vision

Existing-home sales continued to improve in November with low inventory supply pressuring home prices, according to the National Association of Realtors (NAR). Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 5.9 percent to a seasonally adjusted annual rate of 5.04 million in November from a downwardly revised 4.76 million in October, and are 14.5 percent higher than the 4.40 million-unit pace in November 2011.Click to continue

Foreclosure Rate in 100 Largest U.S. Metro Areas Nears All-Time Benchmark

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The Foreclosure-Response.org team—the Local Initiatives Support Corporation (LISC), Urban Institute and the Center for Housing Policy—has released the newest data on and analysis of seriously delinquent mortgages for all 366 U.S. metro areas from September 2012, finding that the foreclosure rate for the 100 largest U.S. metro areas stands at six percent, barely budging from the last two quarters’ all-time high of 6.1 percent. The foreclosure rate has been steadily growing since we began tracking it in March 2009.Click to continue

Indiana Attorney General Cracks Down on Foreclosure Rescue Firms

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Two foreclosure consultant companies face state lawsuits after taking more than $2,600 from local homeowners and not providing services or refunds. Nevada-based Blue Chip Group Inc. and California-based Certified Legal Processing and Legal Preparation Services were illegally operating in Indiana when each company entered into contracts with homeowners.Click to continue

Foreclosures Starts Drop to 71-Month Low

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RealtyTrac has released its U.S. Foreclosure Market Report for November 2012, which shows foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 180,817 U.S. properties in November, a decrease of three percent from October and down 19 percent from November 2011—marking the 26th consecutive month with an annual decrease in foreclosure activity. The report also shows one in every 728 U.S. housing units with a foreclosure filing during the month.Click to continue

National Servicer Settlement Requirements Contribute to Drop in Foreclosures

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The October Mortgage Monitor report released by Lender Processing Services Inc. (LPS) showed a significant decline in foreclosure starts for the last two months—down 21.9 percent in October and almost 48 percent on a year-over-year basis—leading to a nearly seven percent drop in overall foreclosure inventory. However, as LPS Applied Analytics Senior Vice President Herb Blecher explained, this fall-off in foreclosure starts is likely a temporary phenomenon, driven by new borrower notification requirements called for in the National Mortgage Settlement.Click to continue

New York State Demands Ocwen Revamp Its Servicing Practices

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Superintendent Benjamin M. Lawsky has announced that the New York State Department of Financial Services is requiring Ocwen Financial Corporation to hire a monitor to ensure that the company complies with an agreement to reform its mortgage servicing practices. The action was taken after an examination by the Department found indications of Ocwen violating the agreement. The monitor will be in place for two years. Ocwen is one of the largest mortgage servicers and has been growing rapidly, servicing more than 764,000 residential mortgages nationally as of August.Click to continue

HUD Set to Sell Nearly 40,000 Distressed Loans in 2013

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As part of a broad based effort to address the housing market’s “shadow inventory” and to target relief to communities experiencing high foreclosure activity, the U.S. Department of Housing & Urban Development (HUD) has announced preliminary results from the first loan sale under its expanded Distressed Asset Stabilization Program (DASP).Click to continue

CoreLogic Reports 25 Percent Monthly Drop in Foreclosures in October

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CoreLogic has released its National Foreclosure Report for October that provides data on completed U.S. foreclosures and the overall foreclosure inventory. According to CoreLogic, there were 58,000 completed foreclosures in the U.S. in October 2012, down from 70,000 in October 2011 representing a year-over-year decrease of 17 percent. On a month-over-month basis, completed foreclosures fell from 77,000 in September 2012 to the current 58,000, representing a decrease of 25 percent.Click to continue

DataQuick and RentRange Partner on REO Foreclosure Prevention Solution

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DataQuick, a provider of advanced real estate information solutions powered by data, analytics and decisioning, and RentRange, a provider of rental market intelligence, have partnered to offer REO-to-Rental and rental valuation intelligence to lenders, servicers and investors. REO-to-Rental has become a viable option to keep foreclosure properties occupied, offering renters a home; lenders and servicers a return on investment; and investors an understanding of property and portfolio value.Click to continue

Delinquency Rate Drops 7.03 Percent in October

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Lender Processing Services Inc. (LPS) has reported the following "first look" at October 2012 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): 7.03 percent

►Month-over-month change in delinquency rate: -4.91 percent

►Year-over-year change in delinquency rate: -7.19 percent

►Total U.S. foreclosure pre-sale inventory rate: 3.61 percentClick to continue