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Mortgage Rates Fall for Third Week

Long-term interest rates for home loans continue to drop, marking the third consecutive week they’ve declined. Frank Nothaft, Freddie Mac’s VP and chief economist, explained that fixed mortgage rates are now down about half a percentage point from early June levels, when they began heading upward.

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MBA Survey: Refinance Apps Increase

The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey Wednesday, which showed a resurge in refinances over new loan requests. After a lull last month, more homeowners are looking to lower their monthly payments by taking advantage of mortgage rates that have again started to fall to record-lows.

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IAS: Home Prices Up 1.6 Percent

Hinting at another small victory for the housing market, Denver-based Integrated Asset Services, LLC (IAS) has reported a gain in national home prices of 1.6 percent during the month of May. The company released its IAS360 House Price Index (HPI) Tuesday, which showed an increase in property values in all four U.

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California Law Impacting Foreclosures

ForeclosureRadar, a company based in Discovery Bay, California that tracks every foreclosure in the Golden State, says it expected the new California Foreclosure Prevention Act to have little impact. But the company reported Tuesday that in fact, the day the law went into effect, it saw a significant decline in filings of Notice of Trustee Sale, which set the date and time of a foreclosure auction sale.

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Lawmakers Introduce Bill to Modernize FHA

House Rep. John Adler (D-New Jersey) has introduced the 21st Century FHA Housing Act of 2009, intended to essentially update the Federal Housing Administration (FHA) so that its single-family mortgage insurance program – a program for which demand and market share has soared in recent months – can continue as an affordable way for families to obtain the American dream.

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Freddie Refines Appraiser Guidelines

Freddie Mac issued a bulletin to its servicers on Friday which clarifies its rules for property appraisals under the new Home Valuation Code of Conduct (HVCC) and spells out best practices servicers should follow to ensure loans meet the GSE’s definition of investment-quality mortgages and are eligible for sale to the government-backed mortgage financier.

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Florida Realtors Reveal Face of Foreclosure

Across Florida, people are struggling to deal with some of the aftershocks caused by the current economy, including the state’s alarming rise in foreclosed homes. To gain a better understanding of foreclosure, the people who are affected by it, and the impact it has on their lives, the Florida Association of Realtors (FAR) has initiated The Face of Foreclosure:http://www.

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Veros Projects Strongest, Weakest Markets

Veros Real Estate Solutions, a Santa Ana, California-based provider of risk management and collateral valuation services, recently released its quarterly forecast of U.S. housing markets, including predictions of the country’s strongest and weakest areas.

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