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REO

Homeownership Rate Rises After Two Years of Decline

After falling to a 13-year low during the second quarter, the U.S. homeownership rate posted a highly unexpected rise in the third quarter. Data released by the Census Bureau Wednesday puts the nation's homeownership rate at 66.3 percent. That's up from 65.9 percent at mid-year. With foreclosures forcing homeowners out of their homes and buyers waiting on the sidelines as home values declined, the rate has been heading south for quite some time. In fact, the third-quarter rise is the first in two years.

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Safeguard Properties Awards Scholarships to Code Enforcement Officials

Safeguard Properties was recognized at the annual American Association of Code Enforcement (AACE) conference in Nashville, Tennessee this month for providing scholarships that allowed eight code enforcement officials from across the country to attend the conference. This was the first time that a property preservation company or member of the mortgage industry has sponsored code enforcement officers to attend the conference.

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Foreclosure Timeline Lengthened by 140 Days Over Past Year: LPS

Mortgages backing homes that were foreclosed on in September had been delinquent for an average of 624 days, according to Lender Processing Services (LPS). That's up from 484 days in September of last year. LPS says almost 40 percent of loans in foreclosure have not made a payment in two years. Modification volumes have been falling steadily since last year, but on the plus side, LPS says close to 90 percent of the mods completed over that time have reduced borrowers' payments, and as a result, redefault rates have dropped significantly.

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eMortgage Logic Offers New Platinum Valuation Report

eMortgage Logic, LLC, a national provider of property valuation services, has developed a new report that the company says continues to demonstrate its ability to bring clarity and transparency to the residential valuation space. eMortgage Logic's new Platinum Valuation Report (PVR) combines broker price opinion (BPO) and automated valuation model (AVM) data, coupled with a detailed reconciliation analysis report completed by a licensed or certified appraiser.

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Field Asset Services Hosts First Annual Vendor Conference

Field Asset Services (FAS) announced Tuesday the kickoff of the company's first annual vendor conference titled FAS and FURIOUS! in Dallas, Texas. More than 1,000 REO and property preservation professionals from all over the country, representing over 600 companies, will converge in Dallas to take part in FAS's inaugural vendor conference.

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Hudson & Marshall Donates to Military Warriors Support Foundation

National real estate auction firm Hudson & Marshall donated $65,000 to the Military Warriors Support Foundation on Monday. The foundation provides assistance to combat-wounded veterans during their transition to civilian life through a variety of programs, offering a gateway to education, life skills, employment, and homeownership.

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Continental REO Promotes Gina Gray to Closing Coordinator

Continental REO has promoted Gina Gray to the position of closing coordinator. Gray has worked in the residential real estate industry for the last 10 years as a licensed agent, office manager, and a marketing and advertising coordinator. She joined Continental REO in October 2010. Gray has also served as a paralegal, an independent real estate transaction administrator, an agent branding consultant, and in marketing for a national pharmaceutical distributor.

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Senators Urge Government to Act Fast to Create an REO Rental Program

Thirty-three senators have put out a letter encouraging the Obama administration and the Federal Housing Finance Agency (FHFA) to work quickly in developing a program to make vacant foreclosed homes available for rent. The administration is currently sifting through responses to the request for information (RFI) it issued in August regarding an REO rental program. The senators want federal officials to respond with a timeline for when they expect to finish reviewing the RFIs and their next steps.

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The National Groups Names Managing Director to Lead REO Business

The National Groups has named Carla Ulufanua managing director of REO management. Ulufanua previously held the role of REO operations manager handling business for the GSEs. In her new role, Ulufanua will run the day-to-day operations of the REO team across both government and private sector clients. The National Groups provides outsourcing services that span the spectrum of default servicing, including loss mitigation, REO management, valuations, and settlement and title services.

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Clear Capital Expands Senior Leadership

Clear Capital announced Thursday the appointments of Gabriel Nacht as CFO and Brian Wick as VP of marketing. Both individuals bring more than 24 years of experience to their positions with the company. A few weeks ago, Clear Capital also announced the appointment of Erik Lundquist to head its commercial valuations team, and the company says it's looking to add further to its staff, with a number of key positions currently available.

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