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REO

Hudson & Marshall to Auction Nearly 250 Foreclosed Homes This Week

In an effort to give investors and first-time homebuyers an opportunity to purchase a variety of homes at significant discounts, Hudson & Marshall of Texas, Inc., (H&M) is auctioning nearly 250 bank-owned homes this week in cities throughout Indiana, Illinois, Minnesota, and Wisconsin. This week's auctions started July 13 and will continue through July 17. The properties up for bid are valued from as little as $8,000 to more than $435,000.

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Nielson & Sherry Opens New Office in Louisville, Kentucky

Nielson & Sherry, PSC is expanding its footprint in Kentucky with the opening of a new office in Louisville on August 1, 2010, located on the city's east side in the recently renovated Hurstbourne Place office tower, just minutes from the state and federal courthouses. Nielson & Sherry's focus is on legal issues related to the banking, lending, and real estate industries, including REO, title, and foreclosure-related matters.

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HUD to Sell REO Properties at Discounted Rates to NSP Grantees

A new initiative announced Monday by HUD will give state and local governments and nonprofit groups participating in the department's Neighborhood Stabilization Program (NSP) preference to acquire homes from its inventory of foreclosed properties at discounted rates. This temporary program will provide NSP grantees an exclusive option to purchase HUD's REO properties before they are marketed to other purchasers. Furthermore, NSP purchasers will receive a 10 percent discount off the appraised value of the home.

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Wells Fargo Leaves Nonprime Space, Says Goodbye to 3,800 Employees

Wells Fargo is restructuring its financial division--a move which outlines for the closure of 638 Wells Fargo Financial stores, as well as for the company to stop originating nonprime portfolio mortgage loans. The bank said this move is the result of its 2008 acquisition of Wachovia Corp, which makes these units no longer necessary. Of the 14,000 employees at Wells Fargo Financial, approximately 2,800 positions will be eliminated within the next 60 days, with an additional 1,000 positions to be eliminated over the next 12 months.

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U.S. Home Prices Continue Journey Upward in June: Clear Capital

Thanks to an increase in springtime sales and the lasting residual effects of the federal homebuyer tax credit, U.S. home prices continued to increase in June, Clear Capital reported Thursday. According to the company's Home Data Index Market Report, June home prices came in 8.8 percent above levels experienced one year ago. And on a rolling quarter-over-quarter basis, home prices jumped 5.2 percent, bringing the nation back to within 1 percent of last fall's levels.

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June CMBS Delinquency Rate Shows Mixed Results, Trepp Says

Despite a month-over-month increase in the commercial mortgage-backed securities (CMBS) default rate in June, Trepp LLC--a New York based company tracking commercial real estate--still sees hope in its latest report. The monthly delinquency rate for commercial real estate loans in CMBS showed a jump of 17 basis points in June, coming in at 8.59 percent for loans 30 or more days delinquent. However, Trepp said this marked the best reading since July 2009.

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Safeguard Expands Marketing and Business Development Team

Safeguard Properties, the largest privately held mortgage field services company in the United States, has expanded its marketing and business development team with two new appointments. Tod Burkert has been named vice president of business development, and Anthony Golden has been named director of strategic initiatives.

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ClearMarkets, Keller Williams Combine Forces in Online Auction Realm

As part of a new strategic alliance, ClearMarkets, LLC, announced Tuesday that it is partnering with the Keller Williams Global Property Solutions Group. Through this partnership, ClearMarkets will gain access to Keller Williams' network of certified residential and commercial agents and brokers. In return, these agents will be trained by Keller Williams on ClearMarkets' technology and expertise for transparent bid management, asset sales and marketing, as well as reporting.

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Delinquencies Inch Up in May, Foreclosure Inventories Remain Flat: LPS

The seasonal improvement period for delinquencies and foreclosure inventories has come to a halt, according to an industry report recently released by Lender Processing Services. The total U.S. delinquency rate jumped to 9.2 percent in May, inching up 2.3 percent from April. The foreclosure inventory rate remained stable at 3.18 percent. That means 12.38 percent of the nation's outstanding mortgages are noncurrent.

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Talking in Codes

Continuing communication is key to navigating REO code compliance with suppliers, communities, and other related entities.

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