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Moody’s: U.S. CMBS Loan Delinquencies Slip to 9.18%

The delinquency rate on loans included in commercial mortgage-backed securities (CMBS) fell four basis points in May to 9.18 percent, according to Moody's. The dollar balance of past due loans was approximately $56 billion. While loans totaling $3.4 billion became newly delinquent, previously delinquent loans totaling $4.1 billion became current, worked out, or were disposed. The top 25 metros continue to outperform the broader market with a delinquency rate of 8.48 percent, 70 basis points below the national average.

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Analysts Don’t Foresee Rise in Home Prices Until 2014

Markets across the country are in full-fledged correction mode. That combined with the prevalence of foreclosures has analysts at the research firm Capital Economics convinced that the double dip in home prices will continue throughout this year. In fact, they say the structural factors that are constraining demand, such as higher down payment requirements, probably mean that prices won't rise consistently until 2014. Capital Economics expects up to three million foreclosed homes to make their way to the market over the next few years.

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New York Appellate Court Rules Against MERS

A New York appellate court has ruled against Mortgage Electronic Registration Systems, Inc. (MERS), increasing speculation about the role that possible re-foreclosures may play in a still-brittle market. It's the latest in a series of suits involving MERS, which was designed to allow the industry to fluidly and inexpensively transfer millions of mortgages from note-holding banks and institutions via an electronic system. MERS' own proposed rule prohibiting banks from foreclosing in its name - a central part of the controversy - remains in the works.

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HUD’s Single-Family Housing Chief Resigns

Vicki Bott, HUD's deputy assistant secretary for single-family housing, is departing the federal agency, a HUD spokesperson has confirmed. Bott joined HUD in September 2009, just as the administration was knee-deep in ramping up and rolling out a host of programs to address the nation's raging foreclosure crisis. At HUD, Bott was responsible for the direction and management of all single-family Federal Housing Administration (FHA) mortgage insurance programs, including the disposition of repossessed homes.

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Housing Report Card Points to Future Distress

John Burns Real Estate Consulting released a housing report card Thursday that confirms most key market indicators trending southerly, signaling more distress may be in store. The research firm notes that annual resale activity within the existing-home market has slipped to just over 5 million residences, and home prices by some measurements have dropped to 2002 levels. With these numbers, the firm says, affordability has never been better for entry-level buyers, or worse for move-up and move-down buyers.

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Inventory Overhang Means 6.5M New Households Needed

Experts blame the massive inventory of existing homes on the market for hindering the housing sector's recovery. The overhang has been inflated by large volumes of foreclosures, and it's expected to grow with millions more coming down the pipeline. One economist says it will take 6.5 million new household formations to absorb the excess inventory. He expects it will take five years to achieve that goal and emerge from the self-defeating cycle of oversupply pushing prices down, the negative equity triggering defaults, and in turn, further increasing the oversupply.

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CoreLogic Launches New Property Condition Report

CoreLogic, a provider of information, analytics, and business services, now helps regulated financial institutions meet the federal Interagency Appraisal and Evaluation Guidelines for lending decisions via its new property condition report. The company's new product, OnSite, covers 98.7 percent of parcels in the country, contains local market conditions, and complements automated valuation model (AVM) reports.

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Foreclosure Filings Decline but Signs of Renewed Activity Evident

RealtyTrac released a new report Thursday detailing foreclosure activity for the month of May. Filings dropped 2 percent from April and were down 33 percent from a year earlier. RealtyTrac attributed the decline to ongoing processing delays stemming from last fall's documentation issues. But the company says it's seeing hints of renewed activity, with spikes in various stages of the foreclosure process in some states. Georgia, for example, saw a 79 percent increase in new REOs last month.

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Phoenix-Area Foreclosure Sales Drop for Third Straight Month

Foreclosures are claiming a smaller share of the Phoenix sales market. The ratio has dropped for three straight months, according to a new report from Arizona State University's business school. In May, foreclosures represented about 35 percent of existing-home transactions in the Phoenix area, down from 43 percent earlier in the year. Still, the university's real estate professor says he's doubtful foreclosures will cease to be the dominant force in the market. More than 3,500 foreclosures occurred in the Phoenix metro last month.

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Investors Moving Foreclosures Faster Than Banks Along West Coast

Third-party investors are reselling foreclosure properties they've scooped up at auction at a rapid pace in states along the country's Western seaboard. In fact, they're moving distressed homes faster than lenders, according to a local tracking firm. ForeclosureRadar says the resell timeframe for foreclosure investors has dropped throughout its five-state coverage area. The company says it's partially due to spring selling activity, but more to do with a lack of quality, affordable homes for sale as a result of foreclosure delays.

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