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Housing Market Stability Increases as Price Reductions Subside

As home price reductions continue to level off, the housing market is beginning to show signs of stability, according to a recent report by San Francisco-based Trulia, Inc., a real estate search engine. Findings of the report showed that as of February 1, 2010, 21 percent of homes currently on the market in the United States experienced at least one price cut.

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Mortgage Delinquencies up 50% over Last Year: TransUnion

The percentage of borrowers at least 60 days past due on their mortgage increased for the 12th straight quarter, hitting 6.89 percent by the end of 2009, according to new data released by TransUnion Tuesday. This precursor to foreclosure increased 10.24 percent from the previous quarter, and compared to the year-ago delinquency rate of 4.58 percent, past due mortgages are up a staggering 50 percent, TransUnion said.

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Mortgage Cadence Launches Loss Mitigation Gateway

To meet the ever-increasing need for successful analysis and evaluation of loss mitigation efforts, loan servicers and lenders are embracing online technology. As a result, Denver-based Mortgage Cadence, Inc., a provider of enterprise lending solutions for the financial services industry, has entered into the mortgage servicing technology arena with the introduction of the Loss Mitigation Gateway to provide online initiation, management, and execution of the loss mitigation process.

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PMI Posts $228M Q4 Loss, Skirts Capital Requirements in Some States

The PMI Group Inc. said Tuesday that it lost $228.2 million, or $2.76 per share, in the fourth quarter of last year, even though it posted gains in revenue. The default rate on mortgages the company insures hit 21.40 percent at the end of last year. The company also announced that it has received approval from the state of Arizona and from Fannie Mae for its subsidiaries to continue writing mortgage insurance even if PMI falls below mandated capital requirements.

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Georgia Looks to Shed Title of ‘No. 1 in Bank Failures’

Thirty-two banks have folded in Georgia since August 2008, making it the most failure-prone state of the latest recession. The blame for most of Georgia's institutional collapses can be placed squarely on the region's deteriorating real estate market. But lawmakers there are changing the rules to allow banks to exceed current lending caps if a borrower hasn't defaulted on their payments, making it easier for them to renew large commercial real estate loans.

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Fed Wants Banks’ Loan-Level Data to Prevent Meltdown Repeat

Federal Reserve Board Governor Daniel Tarullo is urging lawmakers to craft reform legislation that would give regulators the authority to collect a broader range of data from lenders, including details of their loans and securities. It's insight the governor says is needed to accurately assess large financial firms' risk and ward off another crisis where the collapse of any one institution sends the system into a tailspin - as was the case when Lehman Brothers went under in 2008.

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Policy Action Needed to Support Recovery of Commercial Real Estate Market

As DSNews.com reported Friday, the congressional panel charged with overseeing the Troubled Asset Relief Program recently released an analysis of the commercial real estate market. According to the Real Estate Roundtable, a Washington, D.C.-based group bringing together leaders in the real estate industry, the report underscores the need for additional federal policy action to support economic recovery and stabilize commercial real estate markets.

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Jones Lang LaSalle Ranked as a Leading Real Estate Outsourcing Company

Jones Lang LaSalle announced Monday that it has been selected in the leaders category for the 2010 Global Outsourcing 100, an annual ranking of high-quality service providers across all industries as determined by the International Association of Outsourcing Professionals (IAOP). This marks the third time that Jones Lang LaSalle has been selected for the Global Outsourcing 100 list.

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Service 1st Teams Up With ValuAmerica

Service 1st Valuation and Settlement Service, Inc., an appraisal management company headquartered in Pittsburgh, announced Monday that it has entered into a partnership with Pittsburgh-based ValuAmerica, a provider of settlement services.

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