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Home Prices, Sales Down in Rhode Island

The single-family median home price in Rhode Island fell 25.9 percent in the first quarter compared to the same period in 2008, according to a report released Thursday by The Warren Group, which provides real estate data for the New England area.

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Mortgage Apps Nosedive in Latest Survey

The Mortgage Bankers Association (MBA) has released its Weekly Mortgage Applications Survey for the week ending April 24, 2009, which showed that despite high affordability conditions within the marketplace, the number of people applying for a home loan dropped significantly last week.

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Bay State Home Sales Fall To 18-Year Low

Sales of single-family homes in Massachusetts during the first quarter dropped nearly 11 percent, according to a market report released Wednesday by the Boston-based research firm The Warren Group. During the first three months of the year, the company said 6,160 homes were sold in the Bay State, down from 6,912 for the same period last year.

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Green Tree Signs Federal Mod Contract

Green Tree Servicing LLC, of St. Paul, Minnesota, has joined the growing list of mortgage companies officially under contract to provide federal loan modifications through the government’s Home Affordable Modification Program.

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Investment and Lending Communities Respond to PPIP

The Treasury Department announced on Wednesday that it has received more than 100 applications from companies interested in serving as fund managers for the legacy securities portion of its Public Private Investment Program (PPIP).

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Companies Offer HVCC Compliance

The May 1 deadline for the new Home Valuation Code of Conduct (HVCC) is rapidly approaching. Beginning Friday, Fannie Mae and Freddie Mac will refuse to purchase mortgages that do not comply with the HVCC regulations for property appraisals.

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Appraisal Company Warns of HVCC Errors

The new Home Valuation Code of Conduct (HVCC) for loans sold to mortgage giants Fannie Mae and Freddie Mac is set to take effect in less than one week, on May 1, 2009. But according to Lansdale, Pennsylvania-based Global DMS, which has provided appraisal management solutions to the mortgage industry for the past 10 years, many lenders are still not prepared to comply.

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Treasury Releases New Details of Making Home Affordable

The U.S. Treasury announced details on Tuesday of new efforts to help bring relief to responsible homeowners under the Making Home Affordable Program. The new program components include an initiative that specifically addresses modifications on second lien mortgages and a set of measures intended to provide assistance to those borrowers who are underwater – meaning the value of their home is less than the outstanding balance owed on their mortgage.

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RealtyTrac Goes International

On Tuesday, RealtyTrac announced a strategic alliance with global real estate portal Enormo that will give Enormo’s international user base of potential homebuyers and investors unique access to RealtyTrac’s database of U.

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