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Connecticut’s Distressed Home Sales Rise

The number of bank-owned property sales in Connecticut has jumped significantly, according to The Warren Group, which provides real estate data for the entire New England region. The research firm said REOs represent nearly 6 percent of the state’s single-family home sales so far in 2009, compared to just 1 percent last year.

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Mortgage Apps Down Despite Rate Drop

Applications for home purchases and mortgage refinances both declined last week, despite a 10 basis point decline in interest rates, according to the Weekly Applications Survey issued by the Mortgage Bankers Association (MBA) on Wednesday.

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New First American Service Tracks REOs

First American Valuation and Property Solutions, the Dallas-based branch of First American Corporation that provides residential property valuations, inspections, and preservation services, announced on Tuesday the availability of a new Property Listing Verification report.

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Pro-Teck Makes Case for Appraisal Management Companies

Much controversy has surfaced regarding the role and effect of appraisal management companies (AMCs) in the wake of the GSEs’ new Home Valuation Code of Conduct (HVCC). Just last week, lawmakers in the House introduced legislation that would suspend HVCC for 18 months, so that concerns over its effectiveness could be addressed.

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GSEs' Portfolios Take Opposite Paths

Freddie Mac’s total mortgage portfolio decreased at an annualized rate of 1.6 percent in May, while sister company Fannie Mae reported its portfolio grew by 35.1 percent. Freddie’s portfolio now stands at $823.

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LPS: Foreclosure Starts On The Rise

Jacksonville, Florida-based Lender Processing Services (LPS) says foreclosure starts have increased to their second highest level since the company began keeping records in 1992. LPS released its June Mortgage Monitor Report last week, which provides mortgage industry performance indicators based on data collected as of May 31.

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Indiana Mandates Pre-Foreclosure Notices

A new Indiana law, set to take effect July 1, requires mortgage lenders and servicers to provide homeowners facing foreclosure in the state with a pre-suit notice at least 30 days before a foreclosure action is filed.

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Arizona Realtor Opens Online Bidding

Phoenix-area Realtor Jason Hall has launched a new Online Home Bidding service that he says will make selling real estate in the foreclosure-ravaged metro easier. The portal allows potential homebuyers to seek out Phoenix properties – including foreclosures and bank owned properties – from anywhere that has an Internet connection, submit a bid of interest, and then start taking the steps to buy a home.

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