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RES.NET Enhances Technology Apps With Custom Tasking Feature

RES.NET announced Tuesday that the company has launched a custom tasking enhancement for all its software applications. The company calls the new feature ""revolutionary,"" enabling servicers and asset managers to create fields and customize tasks and workflows on the fly without being impacted by development constraints or quality assurance issues. Custom tasking enables users to add fields to track regulatory changes, tasks to cover process changes, or workflow assignments to solve departmental inefficiencies - all within minutes.

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Loan Performance Improves, Foreclosure Starts Down, LPS Reports

Across the board, loan performance improved for February, and foreclosure starts were down compared to the month before in January, according to a report from LPS Applied Analytics. Despite the decrease in foreclosure starts, foreclosure inventory still remains near historic highs, while delinquency rates are at their lowest level since August 2008. Foreclosure starts were down 15.2 percent compared to the previous month, reversing the increase seen during January. Foreclosure inventory was at 4.13 percent in February, a 0.5 percent monthly decrease, but still remains high. In December 2005, foreclosure inventory was at 0.48 percent.

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Spring Outlook: Reports From the Field Suggest Better Days Ahead

Despite the fact that key market indicators released in recent weeks have shown declines in home sales, anecdotal reports from real estate agents in the field suggest better days are ahead for the industry, according to commentary released Monday by the economic team at Wells Fargo Securities. Most agents are reporting ""significant gains in buyer interest and sales,"" and as a result, Wells' economists have nudged their forecast for home sales slightly higher. They are expecting sales of existing homes to top out at 4.50 million in 2012 and rise to 4.65 million in 2013.

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J.P. Morgan Announces Sale of Securities Backed by NPLs

J.P. Morgan recently announced the issuance of $132 million in commercial mortgage-backed securities (CMBS) backed by non-performing commercial real estate loans. According to the Wall Street Journal, the issuance is first time since the late 1990s. Prior to the securitization, the assets were owned by Rialto Capital Management, a real estate investment management company focused on distressed asset investment, management, and workouts.

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LA Puts NSP Funds to Use Creating Jobs for Property Renovations

The city of Los Angeles, California, is putting its Neighborhood Stabilization Program (NSP) funds to work with the launch of a new initiative to create jobs rehabilitating foreclosed properties in communities impacted by the housing crisis. The new ""Bridges to Business Success"" program is a public-private initiative providing small minority business owners with procurement training and contract opportunities to create and retain jobs. Los Angeles has been awarded $143 million in NSP funds.

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NAR: Investor Purchases Increased, Advises Limiting REO Bulk Sales

For 2011, investment purchases increased significantly, according to data from the National Association of Realtors, and with more individual investors absorbing REO properties, the organization thinks it is time to limit bulk REO sales to large institutions. Investment-home sales increased 64.5 percent last year to 1.23 million, NAR reports. In a letter to federal regulators, NAR urged policymakers and lenders to focus on expanding the availability of financing for qualified homebuyers and investors to reduce the number of REOs on the market.

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Preventing ‘Moral Hazard’ Issue for Principal Reduction

With numbers from a CoreLogic report revealing 22.8 percent of borrowers are underwater, principal reduction has been eyed as a key solution to keep borrowers in their homes. The Center for American Progress has released a report detailing solutions to the ""moral hazard"" issue. One is to make principal reduction a one-time program open to borrowers already delinquent; another is to open the program only to current borrowers who are at-risk of default; and the third is ""shared appreciation"" modifications.

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Website Wants to Help Spur REO-to-Rental Movement

Still in developing stages, HelpMeRent.com is an online rental directory that specializes in connecting renters to rental property listings nationwide. The website is advocating for the conversion of foreclosed homes as rental properties and is helping to do so through its online services.

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CoreLogic: Number of Completed Foreclosures Down for February

The number of completed foreclosures in February 2012 was down on a monthly basis and slightly on a year-over-year comparison, but overall, foreclosure inventory has decreased compared to a year ago, according to CoreLogic's National Foreclosure report for February. In February 2012, 65,000 completed foreclosures were reported, compared to 66,000 in February 2011, and 71,000 in January 2012. The number of completed foreclosures over 12 months ending in February was 862,000. From the start of the financial crisis in September 2008, CoreLogic estimates 3.4 million completed foreclosures.

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S&P Defends Lag Time of Case-Shiller Numbers for the Sake of Accuracy

Tuesday's S&P/Case-Shiller release on home prices was labeled ""disappointing"" by a number of analysts and market participants as both the 10- and 20-city composites and eight cities set new cycle lows. With the Case-Shiller numbers failing to fit the mold of improving market conditions, several commentary notes from analysts dismissed the latest results as ""old news,"" with a two-month lag time and home price assessments based on three-month averages. S&P's index committee chairman took to the web to defend the Case-Shiller report against naysayers.

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