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Study Cites 50% Fewer Days on Market for Remodeled Foreclosures

On Tuesday, Field Asset Services (FAS), an Austin, Texas-based provider of field services to the REO industry, released the results of an independent study of foreclosed properties that compared the number of days on market (DOM) for remodeled properties versus those that were not remodeled.

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Interthinx Unveils New Approach to Property Valuation

Interthinx, a national provider of proven risk mitigation and regulatory compliance tools, recently launched the Interthinx Conditioned Valuation Model (CVM) - a unique integration of automated valuation technology and analytics tempered by a professional property inspection.

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S&P/Case-Shiller Index Shows Seasonal 0.3% Rise in Home Prices

The latest home price report from Standard & Poor's indicates that property values may be leveling off. The company's national index, which is produced only once a quarter and covers all nine U.S. census divisions, showed a seasonally-adjusted gain of 0.3 percent between the third and fourth quarters of last year. The movement may seem slight, but it's a significant improvement from the freefall that's pushed home values 32 percent below their 2006 peak.

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Lockheed Credit Union Uses MDA DataQuick to Manage Loan Risk

San Diego-based MDA DataQuick, a division of MDA Lending Solutions and a provider of property data to real estate and mortgage professionals, recently announced that Burbank, California-based Lockheed Federal Credit Union (LFCU) has selected MDA DataQuick's collateral validation to help the credit union, which has $2.9 billion in assets, proactively identify and manage loan risk and set loan loss reserves.

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Stewart Offers Short Sale and Deed-in-Lieu Services

Stewart Lender Services is offering a new solution to help mortgage servicers meet the requirements of the federal government's Home Affordable Foreclosure Alternatives (HAFA) program. The company says it is providing servicers with an effective alternative to costly in-house processing, while improving communication among all parties involved and accelerating transaction completion.

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Underwater Mortgages Increase to 11.3M: First American

Negative equity continues to diminish the severity of foreclosure for many homeowners. Industry studies show that borrowers become more likely to default when they owe more on their home than it is worth. Unfortunately, the underwater number is still growing. First American CoreLogic said Tuesday that more than 11.3 million residential properties were in negative equity at the end of 2009. That equates to 24 percent of all homes in the United States with mortgages.

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Encore Retail Names VP and Director of Leasing

Encore Retail, LLC, a privately held real estate development firm and subsidiary of Dallas-based Encore Enterprises, Inc., recently announced the appointment of Michael Nelson as VP and director of leasing for the company. Nelson brings over 25 years' experience in retail, office, medical, and industrial assets to his new position.

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Commercial Real Estate to Begin Recovery in 2011

Despite current reports of stabilization within the economy, commercial real estate sectors continue to be negatively impacted by fallout from the recession, but according to the National Association of Realtors (NAR), there is hope for some improvement by next year. Vacancy rates are expected to stay elevated throughout 2010, but NAR says with the job market anticipated to turn for the better later this year, the industry should see rising demand for office and warehouse space in 2011.

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Wingspan Chosen by Credit Union Group to Save Defaulting Loans

Wingspan Portfolio Advisors, LLC, a Dallas-based mortgage servicer specializing in highly delinquent loans, has announced its selection by the National Association of Federal Credit Unions (NAFCU) Services Corporation as the group's designated special servicer and preferred partner for dealing with defaulting loans. Wingspan will be providing its services to member credit unions in an effort to save as many of their problem loans as possible from foreclosure.

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LAMCO Welcomes Industry Veteran to Board of Directors

Lenders Asset Management Corporation (LAMCO), a nationwide REO management company, announced Tuesday that industry veteran Diane M. Cardinal is now a member of its board of directors and will aid in the company's strategic direction and growth of its REO portfolios. Cardinal has more than 37 years' experience within the REO and loan servicing industry, most recently as VP of the foreclosure asset management group at U.S. Bank.

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