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Brillion Asset Solutions Expands With Acquisition

Brillion Asset Solutions, Inc., an asset management firm headquartered in Newport Beach, California, announced Tuesday that it has acquired Infinity National Asset Management, a San Diego-based REO asset management company. Terms of the transaction were not disclosed. According to a statement from Brillion, the acquisition increases its portfolio of clients and its real estate practitioner network to support a more efficient and timely disposition of non-performing assets.

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Prices Decline Slightly But Show Signs of Stabilizing

While home values are continuing to decline, they are beginning to stabilize as the market nears the bottom, according to the Zillow Real Estate Market Report released Tuesday. On a yearly basis, the average home price fell 5.1 percent in October, arriving at $147,000. However, on a monthly basis, the drop was just 0.3 percent, demonstrating a deceleration from recent declines. In addition to stabilizing prices, Zillow reported another positive sign for the market, with the foreclosure liquidation rate slipping to 8.1 out of every 10,000 homes.

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Foreclosure Sales Slow on West Coast

With the holiday season approaching, the tracking firm ForeclosureRadar is seeing declines in the number of completed foreclosures in four of the five states it monitors along the country's West Coast - California, Nevada, Oregon, and Washington. Only Arizona saw foreclosure sales rise in November, up 25 percent from October. Even with the recent increase, Arizona's numbers remain well below the state's monthly average for the year. Sales of foreclosures to third-party investors have risen sharply when compared to year-ago levels.

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FHFA Sues City of Chicago over Vacant Property Ordinance

The Federal Housing Finance Agency (FHFA) filed a lawsuit in federal court Monday against the city of Chicago contesting a local ordinance that makes lenders liable for the upkeep of vacant homes before they take possession of the title. FHFA says the law encroaches upon its role as the sole supervisor of Fannie Mae and Freddie Mac, and could raise costs for homeowners in the city. Both GSEs have instructed servicers to keep a record of all registration, inspection, and maintenance expenses incurred to comply with the Chicago ordinance.

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Housing Market Sees Signs of Stability: Clear Capital

The housing market may be stabilizing as house prices and REO saturation rates show little change on a quarterly and yearly basis, according to Clear Capital's most recent Home Data Index. Nationally, prices rose just 0.3 percent while the REO saturation rate was relatively unchanged at 24.6 percent over the most recent quarter, according to data through the end of November. Clear Capital measures housing data on a rolling quarter, which compares the most recent four months with the previous three.

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GSEs Total 2 Million Foreclosure Prevention Actions

Servicers for Fannie Mae and Freddie Mac have completed almost 2 million foreclosure prevention actions for the two companies since they went into conservatorship in 2008, according to the Federal Housing Finance Agency's (FHFA) third-quarter report released Wednesday. More than half of these actions have been loan modifications, and of the remainder, about 676,500 have kept homeowners in their homes. About 269,700 were short sales or deeds-in-lieu of foreclosure.

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Attorneys Title Agency Acquires Pinnacle Title Agency

Farmington Hills, Michigan-based Attorneys Title Agency (ATA), a full-service title company providing services throughout the state of Michigan, announced Wednesday that it has acquired the assets of Portage, Michigan-based Pinnacle Title Agency. The transaction closed on December 1. Pinnacle Title Agency will operate as an ATA office, and its employees will join the ATA team.

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Industry Home Price Reports Show Further Declines

Home price indexes from CoreLogic and Lender Processing Services (LPS) both recorded continuing declines through October. CoreLogic's study shows national home prices dropped 1.3 percent month-over-month, marking the third straight decline. LPS' report indicates the same downward trajectory, with preliminary data pointing to a 1.1 percent decline for October, on the heels of a 1.2 percent drop in September. Looking forward, CoreLogic's forecasts indicate flat growth through 2013 for residential home prices.

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Fannie Mae: Market Will Take Five More Years to Adjust

We are five years through a 10-year adjustment process, Fannie Mae's chief economist Doug Duncan told attendees at the Five Star MPact Mortgage Banking Conference and Expo Tuesday morning. Dodd-Frank has 300 rules that must be implemented in the market. Regulators are only halfway through that list so far; the second half will be enacted over the next couple of years. While the market will recover, Duncan stressed that it will take time to adjust to new regulations.

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Experts Advocate Stabilizing Neighborhoods with Short Sales

Foreclosures are going to go up before they go down, according to Craig Nickerson, president of the National Community Stabilization Trust. Nickerson says estimates put foreclosure tallies at 850,000 this year, as high as 1.5 million in 2013, and then back to the levels we're at today by 2015. With all these distressed properties potentially making their way to an already stressed marketplace, Nickerson, along with a panel of industry professionals at the inaugural MPact Conference advocated for bulk short sales to investors and nonprofits.

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