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U.S. Bank Partners with City of Milwaukee to Revitalize Neighborhoods

U.S. Bank has announced several new initiatives to support the city of Milwaukee in its efforts to stabilize hard-hit communities through the Neighborhood Stabilization Program (NSP). The bank is setting up a $1 million restoration fund for developers to acquire and rehabilitate foreclosed properties in the city's designated NSP zones. It has also agreed to provide $15 million in mortgages to qualified borrowers in NSP zones over the next four years, and has committed to give more than $240,000 in grants to housing agencies working within the city.

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Industry’s Past-Due Mortgages Climb Above 6.5 Million

Lender Processing Services (LPS) issued a report Tuesday which puts the number of mortgages that are delinquent or in foreclosure at 6,538,000. The company's assessment is based on mortgage performance statistics through the end of July, derived from its loan-level database of nearly 40 million mortgages. The grand total of past-due mortgages has risen by nearly 190,000 over the past two months. In June, LPS' tally of loans at least 30 days delinquent or in foreclosure was 6,452,000. In May it was 6,350,000.

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Green River Capital Launches REOConnex Mobile App for iPhone, iPad

Green River Capital, an REO asset management and loss mitigation provider for mortgage servicers, investment firms, credit unions, and banking institutions, announced Tuesday that its REOConnex asset management software is now available via a mobile application for the iPhone and iPad. The app allows agents to view all properties assigned to them, search for REO properties managed by Green River Capital, and view details and pictures stored in REOConnex.

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Heavy Distress Sends Las Vegas Home Prices to 15-Year Low

Sales of foreclosed REO homes and short sales continue to dominate the Las Vegas market. These distressed sales made up nearly 70 percent of the region's home resales in June, according to the research firm DataQuick. REOs accounted for 58 percent of existing-home sales during the month, while short sales comprised 11 percent. With such a heavy presence of distress, the median home price in the Las Vegas metro area dropped to $115,000 in June - the lowest it's been since October 1995.

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WFG National Title Taps Lynn Riedel to Grow Footprint in Washington

Williston Financial Group, LLC (WFG) has named title industry veteran Lynn Riedel president and manager of its Puget Sound division. Riedel will oversee the former Northpoint Escrow & Title operation, acquired by WFG in July 2011. She has over 33 years' experience in the title and escrow industry, most recently having served as a VP with Northpoint.

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Investors Outdo Banks Offloading Distressed Properties: Report

Third-party investors are much faster at reselling foreclosures than banks, according to the tracking firm ForeclosureRadar. It keeps close tabs on foreclosure activity in states along the country's western seaboard, and the company says one market dynamic that's consistent throughout the area is that investors are moving foreclosed homes at a more rapid pace than lenders who take possession of REOs. For example, California banks on average take 104 days longer to dispose of REOs than third-party investors do to resell their distressed assets.

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Integrated Asset Services Shows 2% Price Increase in Second Quarter

Housing prices increased 2 percent over the second quarter of 2011, according to the IAS360 House Price Index compiled by Integrated Asset Services (IAS). In contrast to the previous quarter, prices rose in all four of the U.S. Census regions. The smallest increase was in the West - a region hard-hit by the housing crisis - which reported a 0.1 percent rise. IAS attributes the recent gains, at least in part, to delays in foreclosure processing due to legal battles.

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Foreclosure Declines Take on ‘Life of Their Own’ With Another 4% Drop

Foreclosure activity has fallen to its lowest level in over three-and-a-half years, according to RealtyTrac. The company released its July foreclosure market report on Thursday, which showed a 4 percent decline in filings from the previous month and a drop of 35 percent when compared to July 2010. The company says while the string of declines was initially triggered by the robo-signing controversy back in October 2010, the downward trend in foreclosure activity ""has now taken on a life of its own.""

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Administration: Investors Wanted to Rent out Government REOs

The Obama administration is setting the stage for a public-private collaboration to tackle the growing inventory of REO homes. On Wednesday, federal officials called on private investors and industry stakeholders to share their recommendations on how best to dispose of foreclosed homes held by Fannie Mae, Freddie Mac, and FHA. Together, the three hold nearly 250,000 REO homes. Federal officials believe the most effective tactic is to sell off pools of properties to responsible investors who will employ an REO-to-rental strategy.

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Sirote & Permutt Expands Into Florida

Sirote & Permutt, P.C. has expanded its mortgage litigation practice into the Florida market with the opening of a new office in Pensacola. This is the fourth location for the law firm, which also has offices in Birmingham, Huntsville, and Mobile, Alabama. Sirote & Permutt says in response to client feedback, it evaluated the legal market and opted for expansion.

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