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Rent Prices Continue to Rise Faster than Asking Prices

Rent prices are climbing faster than asking prices and are rising in metros where asking prices are falling, according to a report from Trulia. Year-over-year, nationwide rent prices were up 5.1 percent in October, while asking prices were up 2.9 percent during the same period when including foreclosures. Chicago, which saw a 5.3 percent yearly dip in asking prices in October, still experienced a 7.7 percent gain in rent prices during the same one-year period.

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Wells Fargo Contends Mortgage Suit Violates Settlement Terms

The U.S. government is violating the terms of the national mortgage settlement with its recently filed lawsuit against Wells Fargo, attorneys for the bank argue. The U.S. Attorney's Office for the Southern District of New York filed suit against Wells Fargo in early October ""more than 10 years of misconduct"" in connection with the bank's participation in the Federal Housing Administration (FHA) Direct Endorsement Lender Program.

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Industry Leaders Say Business Decisions on Hold Until After Elections

The Real Estate Roundtable's survey of 110 industry leaders on commercial real estate changed little quarter-over-quarter, possibly due to uncertainty over how the next administration will impact economic policies. On a scale of 1-100, the sentiment index overall inched up to 65 in Q4, a 2 point increase from Q3. One survey participant said, ""Everyone is deferring business and investment decisions until after the election because they don't know what's going to happen.""

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California Investigation into Bid Rigging Charges 26th Person

A California real estate investor became the 26th person to plead guilty or agree to plead guilty as a result of antitrust investigations from the Justice Department into bid rigging and fraud at real estate foreclosure auctions in Northern California. The ongoing investigations are focused on real estate foreclosure auctions in San Francisco, San Mateo, Contra Costa, and Alameda counties. Norman Montalvo of Concord, California was charged with four felonies in San Francisco federal court, the Justice Department announced Thursday. Norman Montalvo, of Concord, California was charged with four counts of felony in San Francisco federal court, the Justice Department announced Thursday.

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Senior Loan Officer Survey Reveals Increase in Demand for Loans

A survey of senior loan officers released by the Federal Reserve shows lending standards were mostly unchanged, but demand for residential real estate loans was strengthened. The October survey asked 68 domestic banks and 23 U.S. branches of foreign institutions about the lending standards and loan demand they've dealt with over the past three months. When asked about credit standards for prime mortgages, 59 out of 64 respondents said standards were largely the same. While 34 banks said demand for prime purchase mortgages was about the same, 21 reported ""moderately stronger"" demand, and four said demand was ""substantially stronger"" since July.

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Last Jobs Report Before the Election: Will It Have Any Impact?

Friday morning's jobs report contained some good news with the bad, but analysts doubt there's enough strength in either direction to influence the upcoming presidential election. The Bureau of Labor Statistics reported the unemployment rate rose slightly to 7.9 percent in October from 7.8 percent in September. Even though the rate increased, the upward movement was due to a rise in entrants into the labor market, not a decrease in jobs. In a response from Capital Economics, economist Paul Ashworth wrote, ""Overall, this report is sure to be spun politically by both sides."" Economist Nigel Gault at IHS Global Insight said, ""Politically there was something for both presidential candidates to grab onto.""

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Nation Adds 171k Jobs in October; Unemployment Rate Up to 7.9%

The nation’s unemployment rate inched up to 7.9 percent in October as the economy added 171,000 jobs, the Bureau of Labor Statistics (BLS) reported Friday. The labor force--the sum of employed and unemployed--improved in October, causing the bump in the unemployment rate and signaling renewed confidence among those on the sidelines that jobs are available. Job creation for the two prior months was revised upward: 148,000 in September instead of the originally reported 114,000 and 192,000 instead of the 142,000 reported in August.

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Ocwen Reports Record-Setting Revenue in Q3

After aggressively pursuing opportunities to grow, Ocwen Financial Corporation (Ocwen) reported an increase earnings in the third quarter of 2012. The mortgage servicer reported a net income of $51.4 million in Q3 2012, a sharp increase from the same quarter a year ago when net income was a reported $20.2 million. Revenue soared even higher in Q3, spiking 90 percent from last year to $232.7 million.

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Ohio Supreme Court Issues Notable Foreclosure Ruling

The Supreme Court of Ohio ruled Wednesday that in order to file a foreclosure against a homeowner, a lender must prove standing at the time they first file. The case, Federal Home Loan Mortgage Corp. v. Schwartzwald, was brought before the Ohio Supreme Court after a lower court ruled in favor of Freddie Mac's right to file foreclosure without proof of standing.

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FHFA and CFPB Unite to Create the First National Mortgage Database

The mortgage market may be the largest market for consumer finance, but the sector lacks a comprehensive national database, according to the Federal Housing Finance Agency (FHFA) and Consumer Financial Protection Bureau (CFPB). This is why the federal agencies are coming together to create a national mortgage database. Borrower profiles, payment history, and the mortgage product and terms will be included in the database, which will be updated monthly.

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