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Secondary Market

FHFA Records Second Straight Monthly Increase in Home Prices

Home prices in the U.S. rose in May, marking the second consecutive monthly increase, the Federal Housing Finance Agency (FHFA) reported Thursday. Before the string of two-month gains, FHFA's market gauge had recorded declines in property prices for 10 straight months. The agency's monthly House Price Index (HPI) is calculated using purchase prices of homes backing mortgages that have been sold to or guaranteed by Fannie Mae and Freddie Mac. It rose 0.4 percent from April to May.

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Holliday Fenoglio Fowler Adds Debt Placement Execs in D.C., California

Holliday Fenoglio Fowler, LP (HFF), a commercial real estate capital intermediary, has added two new members to its debt placement team in the Washington, D.C. office - Walter Coker and Brian Crivella. The firm also announced that senior managing director Kevin MacKenzie will be relocating from its Dallas office to Orange County and will be in charge of the local debt placement and structured finance team there.

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California Defaults Reach Lowest Rate in Four Years

For the second quarter of 2011, California homes entering the foreclosure process decreased to their lowest rate in four years, according to DataQuick, a San Diego-based company that tracks nationwide real estate activity. The number of notices of default decreased 17 percent from April to June when compared with the previous quarter and 19.2 percent when compared with the second quarter of last year. It was the lowest rate reported since the second quarter of 2007.

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Foreclosure Litigation Cost Wells Fargo $428M in Second Quarter

Wells Fargo says its second quarter expenses included $428 million of operating losses, substantially all driven by litigation accruals for mortgage foreclosure-related matters. Loan losses, though, were down substantially, supporting a 29 percent increase in net income to $3.9 billion for the three-month period. The company says credit quality continued to improve, marking its sixth consecutive quarter of declining loan losses and third consecutive quarter with fewer nonperforming assets.

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Bank of America to Scale Back Servicing Portfolio

Bank of America says it is looking to downsize its mortgage servicing portfolio. Company executives told investors Tuesday that they will become more discriminating when adding mortgage servicing rights (MSRs) to their books and will be focused on selling off MSRs more aggressively. The company made roughly $70 million from MSR sales during the second quarter of this year, but on the whole posted its largest-ever three month loss - $8.8 billion - as a result of heavy losses within the consumer real estate services division.

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Top Lenders’ Early Earnings Point to Continuing Mortgage Losses

JPMorgan Chase kicked off the banking sector's second-quarter earnings season with a $5.4 billion profit. It was followed by Citigroup's announcement that it pulled in net income of $3.3 billion. Both beat market expectations, however, neither lender escaped mortgage-related losses - a trait that is likely to show up on balance sheets throughout the industry as banks continue to grapple with delinquencies and additional costs tied to foreclosure reviews and litigation.

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Orlando’s Home Inventory Drops

At current the current sales pace, Orlando has a 4.37-month supply of homes. This is the lowest rate reported since December 2005. The average home sold in Orlando in June sold for 95.15 percent of its listing price.

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Foreclosure Time Decreases in Three West-coast States in June

Despite a recent trend in increasing foreclosure times, the average time it took to foreclose properties in California, Arizona, and Nevada decreased in June 2011, according to ForeclosureRadar. While monthly numbers decreased in three states, year-over-year numbers still show an increase in the five West-coast states included in the firm's monthly report. ForeclosureRadar covers Arizona, California, Nevada, Oregon, and Washington. Foreclosure filings decreased in the five states in Foreclosure Radar's report.

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Bank Sales Weigh on Non-Distressed Home Values

With a groundswell of unpaid mortgages and home seizures adding to inventories of bank-owned properties for years, REO sales have commanded a bigger share of the market, weighing down the entire housing market. Getting these foreclosed homes off banks' books and back into the hands of responsible homeowners is an essential part of the housing sector's recovery. RealtyTrac reports that REOs sold during the first quarter carried an average markdown of 35 percent compared to the price of homes not in foreclosure.

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Distress Claims $181 Billion in Commercial Real Estate Sector

Distressed commercial real estate in the United States stood at $181.1 billion in June, according to the analysts at Delta Associates. That tally includes properties in default, in foreclosure, and lender REO. The firm says the amount of distress in the commercial real estate (CRE) sector has increased by $500 million since April but still remains on the low end of the plateau range. The level of distress began to plateau in spring 2010, according to Delta Associates, and has stayed between $175 billion and $190 billion since then.

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