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Analytics Firm Expresses Skepticism Toward Home Price Recovery

As home prices continue to increase, spectators and analysts have concluded the housing market is now in recovery mode. But, one analytics firm has remained unconvinced and expects to see a trend where prices rise and fall periodically as investor demand waxes and wanes. ""Some commentators suggest that investor-driven home price appreciation could spur demand among housing consumers, which will in turn bring about a broad-based and sustainable recovery in the nation's housing markets,"" wrote Quinn W. Eddins, director of research at Radar Logic. ""Maybe, but we are skeptical of this theory.""

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Unemployment Rates Fall in 22 States in December

Unemployment rates fell in 22 states in December but rose in 16, the Bureau of Labor Statistics (BLS) reported Friday in its monthly Local Area Unemployment Statistics (LAUS) release. In November, unemployment rates dropped in 45 states. According to the LAUS report, the West had the highest regional unemployment rate--8.6 percent, down from 8.7 percent in November and 9.8 percent in December 2011. The Midwest registered the lowest unemployment rate with 7.1 percent, unchanged from November and down from 7.9 percent in December 2011.

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Goldman Sachs, Morgan Stanley Agree to Pay $557M in Foreclosure Deal

Nine days after an $8.5 billion foreclosure settlement was reached between regulators and 10 servicers, Goldman Sachs and Morgan Stanley struck a similar deal to settle allegations of wrongful foreclosure. Goldman Sachs and Morgan Stanley will pay $557 million in cash payments and other mortgage assistance.

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Freddie Mac Reports Little Movement from Rates

Freddie Mac's Primary Mortgage Market Survey registered little motion among rates for the week ending January 17. The average 30-year fixed rate slipped to 3.38 percent (0.7 point), down from 3.40 percent last week. The 15-year fixed rate averaged 2.66 percent (0.7 point), the same as in the previous week's survey. Bankrate.com, on the other hand, reported more extreme shifts as markets grow increasingly nervous about the country's continued financial uncertainties.

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Foreclosures Declined in 2012, Increases Expected in 2013

Foreclosures declined in 2012 compared with the previous year, but RealtyTrac expects this year to be ""book-ended by two discrete jumps in foreclosure activity,"" according to the firm’s latest report released Thursday. Foreclosure filings were doled out to 1.84 million homes in 2012, which is 3 percent fewer homes than in 2011 and 36 percent below the foreclosure peak in 2010 when 2.9 million properties received foreclosure filings. In December, foreclosure activity fell 10 percent month-over-month to a 68-month low.

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BofA Earnings Hurt by Mortgage Issues, Citi Falls Short of Forecasts

Bank of America and Citigroup both released their fourth-quarter earnings Thursday, revealing the scars their legacy mortgage issues have left. BofA reported net income of $732 million, a significant decline from $2 billion in Q4 2011. The bank did better on a year-long scale, coming in at $4.2 billion (well above its $1.4 billion income in 2011). While Citi pulled ahead compared to last year, its earnings still fell well short of forecasts.

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CoreLogic: 100K Homeowners Rose Above Negative Equity in Q3

As home prices increase, more borrowers are rising out of negative equity. Recent data from CoreLogic revealed about 100,000 borrowers moved out of negative equity during the third quarter of 2012, bringing the total number of homeowners who transitioned from negative to positive territory in 2012 to 1.4 million so far.

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First-Time Jobless Claims Plunge to 5-Year Low

First-time claims for unemployment insurance plunged 37,000 for the week ending January 12 to 335,000, the lowest level since January 2008, the Labor Department reported Thursday. Economists expected claims to drop to 368,000 from the prior week.

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Housing Starts Jump to Highest Rate Since 2008

Builders broke ground on new homes at the rate of 954,000 in December, a 12.1 percent jump over November and the most since July 2008, the Census Bureau and Department of Housing and Urban Development reported jointly Thursday. Applications for residential permits rose a modest 0.3 percent, and residential completions rose 1.6 percent. Rebuilding in the wake of superstorm Sandy contributed to the increase in total starts as activity in the Northeast jumped to a pace of 85,000 from 70,000 in November.

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NeighborWorks Announces Free Tax Services for Certain Homeowners

For homeowners who may have faced a foreclosure or obtained a modification in 2012, there may be free tax advice available through a NeighborWorks America organization. NeighborWorks announced several of its organizations provide free tax preparation services for low- and moderate-income clients.

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