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REO

Freddie Mac to Hold REO Auction in Phoenix

Freddie Mac said Friday that it has teamed up with real estate auction specialist REDC and the asset management firm New Vista to sell off 135 homes the GSE has repossessed through foreclosure at an auction event in Phoenix, Arizona. The HomeSteps REO homes will be auctioned off to individual homebuyers at the Phoenix Convention Center on August 7. Almost a third of the homes are being set-aside specifically for first-time borrowers participating in the federal Neighborhood Stabilization Program (NSP).

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Banks Repossess 4,000 South Florida Homes Per Month: Report

Banks took back an average of 4,000 South Florida properties each month during the first half of 2010, according to a new report from the locally based real estate consultancy Condo Vultures. At the current rate, the company says nearly 50,000 homes will be repossessed in South Florida this year alone. One key reason the number of REOs has spiked is the implementation of a new online auction technology being used by county circuit courts to clear the backlog of foreclosed properties.

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Midway into 2010, 1.65M Properties Have Received Foreclosure Filings

RealtyTrac released its Midyear 2010 Foreclosure Report Thursday, which shows that 1,654,634 U.S. properties received a foreclosure filing during the first half of this year. That figure means that one in every 78 homes received at least one filing between January and June. RealtyTrac says at this pace, we're on track to exceed 3 million properties with foreclosure filings by the end of the year, and more than 1 million bank repossessions. In the second quarter alone, bank repos hit a new record high.

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Record Number of Foreclosures Cancelled in California

The number of foreclosure sales that were cancelled in California hit an all-time record in June, according to a report released Tuesday by the locally based firm ForeclosureRadar. In total, 10,506 foreclosures were called off in California last month before reaching the auction sale phase. ForeclosureRadar characterized activity in the Golden State as ""mixed"" last month, with filings of new foreclosure notices on the rise and foreclosure sales down. That assessment follows two straight months of across-the-board declines.

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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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