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Eminent Domain Takes Root in Areas with High Unemployment, Poverty

To address widespread negative equity, at least 15 cities and counties are considering using eminent domain to seize underwater homes and lower borrowers' mortgage principal balances, according to the Urban Institute. The institute conducted a study to see what commonalities these communities share and found that all 15 suffer from high levels of poverty and unemployment, stagnant incomes, and low housing prices.

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Are Cash Sales Creating a Dangerous Mirage?

Home prices and home sales have been rising over the past few years, pointing to a recovery in the housing market, but some warn that what we are seeing may not be a true recovery but instead a mirage created by investors--a dangerous mirage that could lead to trouble in the years to come. According to multiple industry studies, cash purchases made up about half of all home sales across the nation in September.

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Mortgage Rates Fall Slightly in October

Having risen for the previous four months, mortgage interest rates stumbled in October, according to data from the Federal Housing Finance Agency (FHFA). Using data on more than 5,700 loans from 33 different lenders, FHFA calculated a composite contract rate of 4.32 percent for loans closed in late October, a decline of 4 basis points from September.

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Rate of Appreciation Slows but Unseasonal Gains Remain Elevated

Home price gains decelerated on a monthly basis in September in 19 of the 20 cities tracked by the S&P/Case-Shiller Indices, with Las Vegas and Tampa experiencing the greatest slowdowns. All 20 cities reported annual growth, and 13 fared better than they did in August. Cleveland posted the strongest yearly gain, though it remains the second-worst performing city, beating only New York.

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Pending Sales Slip to Lowest Reading in Nearly a Year

Pending sales of existing homes fell a bit further in October, according to the National Association of Realtors (NAR). The trade group's Pending Home Sales Index is a forward-looking indicator; derived from contract signings, rather than closed sales, pending sales figures typically lag actual sales by one to two months. October's reading was the lowest recorded by NAR since last December and marked the fifth consecutive monthly decline.

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LRES Approved to Transact Business in Virgin Islands

LRES, a California-based company specializing in commercial and residential valuations and asset management, announced it has received a Certificate of Authority to conduct business in the U.S. Virgin Islands. With the certificate, LRES is officially authorized to do business within 54 U.S. states and jurisdictions.

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Bidding Wars Resume in Major Markets in October

While many Americans paused their homebuying plans during the federal government's partial shutdown last month, purchase activity rebounded once the government reopened, with buyer competition more robust than expected, according to a Redfin. Out of the 22 markets covered in the brokerage's report, San Diego experienced the biggest increase in multiple-bid offers on homes for sale, while Boston saw the biggest drop.

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Negative Equity: A New Way of Life in the Recovery

Fast-paced price increases helped bring 1.4 million homeowners to the surface in the third quarter as their home values finally clipped their equity, according to the latest Negative Equity Report from Zillow. The third-quarter drop in negative equity was the largest on record for Zillow, dating back to early 2011. The negative equity rate now stands at 21 percent, down about one-third from a peak of 31.4 percent.

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Foreclosure Inventory Plunges Nearly 30%

The nation's foreclosure inventory has contracted for 18 consecutive months and is now at its lowest point since the end of 2008, totaling 1.28 million loans, or just 2.54 percent of today's active mortgages, according to Lender Processing Services. The company's latest report assessing the performance of mortgage assets through the end of October shows the industry's foreclosure inventory rate has plummeted 29.61 percent from last year.

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