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REO

Windermere Acquires California REO Brokerage

Windermere Services of Northern California announced this week a partnership and merge of the Schubb Group, a three-office real estate brokerage specializing in REO properties. The Schubb Group operates out of Northern California offices in Pleasant Hill, Stockton, and Nice. Windermere also plans to launch a new default services division, which will be run out of the newly acquired business.

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REDC Launches New Auction.com Site

Real Estate Disposition, LLC (REDC), a national real estate auction firm headquartered in Irvine, California, announced the re-launch of its Auction.com Web site on Wednesday. The company says it has increased site content tenfold to support more than 500,000 unique monthly visitors.

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CoreLogic Home Price Index Shows Second Consecutive Annual Increase

National home prices increased by 1.7 percent in March 2010 compared to a year ago, according to CoreLogic. It marked the second straight month that CoreLogic has recorded annual gains in home prices, breaking a depreciation streak of more than three years. But the company warns that going into the summer months, price growth will quickly fade, and because of the inventory of distressed properties, CoreLogic expects home prices nationally to fall another 5 percent over the next 12 months.

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MRG’s Miracle Online System Now Able to Create REO Closing Packages

As REO sales continue to increase -- according to the latest market report released by Zillow, REO sales made up 22.2 percent of U.S. home sales in March -- it is vital that lenders receive assistance in completing these transactions. In an effort to provide this assistance, MRG Document Technologies has launched an REO document package creation capability within its Miracle Online mortgage document preparation system.

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Mortgages in Foreclosure Hit New High in Q1: MBA

The percentage of home loans making their way through the foreclosure process jumped to a new record high during the first quarter of 2010, the Mortgage Bankers Association (MBA) reported Wednesday. Despite the industry's, and the government's, all-out attack on the nation's foreclosure problem, MBA's regular quarterly study showed that 4.63 percent of outstanding mortgages were in foreclosure at the end of March. Another 10.06 percent were past due.

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HUD Lobbies for More Federal Funding to Stabilize Housing Markets

HUD Secretary Shaun Donovan is asking Congress to release additional funds to help communities combat the ongoing effects of the housing crisis and home foreclosures. He says the Obama administration is committed to working with lawmakers to secure a third round of funding for HUD's Neighborhood Stabilization Program (NSP). The federal agency has disbursed $6 billion through NSP to help local governments and non-profit developers buy and rehabilitate or demolish vacant and foreclosed homes in their communities.

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LAMCOnetwork Announces Interactive Webinar for REO Professionals

The LAMCOnetwork, an REO vendor database provided by Lenders Asset Management Company, announced Monday that it will be hosting a members-only live and interactive ""Ask the Expert!"" Webinar on May 21st at 10:00 a.m. (PST). The Webinar will feature the company's CEO Brandon Hawkes and EVP Dan Reynolds, who will provide network members with an executive-level view of the distressed asset world and tips on how to increase their business.

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Williams & Williams Unveils Auction Index

Tulsa, Oklahoma-based Williams & Williams Worldwide Real Estate Auction announced the launch of a new proprietary index last week that tracks actual results derived from the company's monthly auction performance data. Williams & Williams says the combination of this tracking system and the company's own pricing models for residential and commercial real estate allow it to provide clients with a 30- to 90-day advanced view of real estate market performance.

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Threat of Shadow Inventory Diminishing: Barclays

Analysts at Barclays Capital say the industry's ominous shadow inventory is close to topping out. New research published by the firm says the supply of homes nearing REO status, defined as 90 or more days delinquent or in the process of foreclosure, will peak this summer and then begin falling gradually as the market becomes stable enough to absorb 130,000 distressed properties a month. Barclays puts the shadow supply at 4.5 million properties, but forecasts at least 4.7 million distressed sales over the next three years.

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Foreclosure Activity Drops 9% in April: RealtyTrac

One in every 387 homes in the United States was in some stage of foreclosure last month, RealtyTrac reported Thursday. The company's data shows that foreclosure filings were issued on 333,837 properties in April. While still elevated, that figure represents a 9 percent drop from the previous month and a 2 percent decline compared to a year ago. It's the only month in the history of RealtyTrac's report where foreclosure activity fell on an annual basis.

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