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More Sellers Reduce Home Prices in May After Tax Credit Expiration

Inching up two percentage points from April, more than 43 percent of home sellers slashed their home's list price in May, according to a monthly review of home listings in 26 of the nation's largest housing markets conducted by Emeryville, California-based ZipRealty. Although the number of price reductions increased, the survey showed that the median reduction - coming in at $19,240 - was down 1.06 percent from April.

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Bureau Continues to Expand Foreclosure Prevention Efforts in Maine

In order to provide further assistance to Maine homeowners at risk of foreclosure, the Bureau of Consumer Credit Protection signed a contract Monday with the Washington Hancock Community Agency, adding a ninth certified housing counseling service to the list of nonprofit agencies currently under contract around the state. According to Will Lund, superintendent of the Bureau, there is a definite need for housing counselors in Washington and Hancock counties, as more than 1,000 residents in these areas defaulted on their mortgages in the last year alone.

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First Preston Wins HUD Field Servicing Contracts

First Preston Management, a national real estate marketing and management firm, has been selected by HUD to provide property management services for HUD's single-family asset portfolio in 11 states, including Arizona, Idaho, Iowa, Minnesota, Montana, Nebraska, Nevada, North Dakota, South Dakota, Wisconsin, and Wyoming.

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Loan Resolution Corporation Receives 10,000 HAFA Requests

Since the government's Home Affordable Foreclosure Alternatives (HAFA) program was implemented just over two months ago, Loan Resolution Corporation, a pre-foreclosure asset management firm based out of Scottsdale, Arizona, says it has been assigned more than 10,000 HAFA requests. Loan Resolution executives attribute the growth to the company's ""quality over quantity"" approach when it comes to helping homeowners avoid foreclosure.

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Mortgage App. Volume Wanes as Purchase and Refinance Activity Slump

After two consecutive weeks of growth, mortgage application volume tumbled 12.2 percent for the week ending June 4, 2010, as both purchase and refinance applications plunged, the Mortgage Bankers Association (MBA) reported Wednesday. According to MBA's Weekly Mortgage Application Survey, the purchase index continued its streak of declines, falling another 5.7 percent from the week prior. And in an unexpected turn of events, the refinance index plummeted 14.3 percent

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CMBS Delinquencies Climb, as More Loans Move to Special Servicing

A $1 billion net increase in office loan delinquencies has fueled a 49 basis point rise in past due loans held by commercial-mortgage backed securities (CMBS), according to the latest index results from Fitch Ratings. The firm's data shows the CMBS delinquency rate at 7.97 percent for the month of May. With the increase in the number of loans going bad, Fitch notes that more and more CMBS assets are being transferred to special servicers. Though loan resolutions increased in 2009, the inventory of U.S. CMBS loans in special servicing is at an all-time high.

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Green River Launches New Valuation Company for Distressed Properties

Green River Capital (GRC), an REO asset management and loss mitigation provider headquartered in West Valley, Utah, has launched a new full-service valuation company, Infinity Valuation Services (IVS), which will focus exclusively on distressed properties. IVS provides appraisals and property inspections, as well as broker-price opinions (BPOs) by leveraging Green River's established, nationwide network of 8,000 REO brokers who are well-versed in the distinct parameters that come with valuing foreclosures, short sale properties, REOs, and other non-performing assets.

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Judge Orders BofA to Halt All Foreclosure Sales in Utah

A judge in St. George, Utah has issued a preliminary injunction stopping all foreclosure sales in the state by Bank of America and its subsidiary ReconTrust. The decision, by 5th District Court Judge James L. Shumate, was based on the grounds that the nation's largest mortgage servicer and its related companies are not registered to do business in Utah. The court order puts a temporary freeze on all trustee sales of homes foreclosed by BofA, and if made permanent, it could affect thousands of Utah borrowers facing foreclosure.

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Clayton Adds New Executive to Its CRE Business

Clayton Holdings LLC announced Tuesday that it has appointed Brian R. Clark as senior managing director and business development officer for its commercial real estate (CRE) business. In his new position, Clark will work with Clayton's CRE team, headed by Ed Robertson, to help financial institutions, CRE owners, and investors with portfolio and property valuation services as well as strategy development.

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Equator Sees Pickup in Short Sales, with 215,000 Initiated on Platform

Equator has initiated 200,000 short sale transactions through its technology platform since the system was first launched just seven months ago. Another 15,000 short sales have been initiated on the Equator platform that conform to the guidelines of the federal government's Home Affordable Foreclosure Alternatives (HAFA) program.

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