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Foreclosures Rise in October But Vary Regionally

Foreclosure rates increased on a monthly basis in October but remain well below last year's levels, according to the latest U.S. Foreclosure Market Report from RealtyTrac. Taking a closer look at market-level data, RealtyTrac found vast disparities in foreclosure activity across the nation. At a national level, foreclosures increased 3 percent in October, but they remain 19 percent lower than they were last October. In fact, despite the monthly increase, October is the third consecutive month in which an annual decrease in foreclosure starts took place.

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BofA Reaches $15.8B in Mortgage Relief Under Settlement Terms

Bank of America announced it's on track to fulfill consumer relief requirements as part of the national mortgage settlement within the first year of the three-year agreement. So far, the bank has completed or approved $15.8 billion in consumer relief for about 164,000 homeowners as of September 30. One form of consumer relief offered through the settlement is first-lien principal forgiveness, which BofA has offered to 30,000 customers, leading to $4.75 billion in principal reductions.

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California Dual-Tracking Ban Leads to Spike in Cancelled Foreclosures

A specific provision in California's Homeowner Bill of Rights may have led to a surge in foreclosure cancellations, according to a report from ForeclosureRadar. Foreclosure cancellations in California spiked 62.1 percent from September to October and 36.7 percent over a one-year period, data from ForeclosureRadar revealed. The jump from September to October is the largest monthly increase since the data provider began tracking foreclosures in September 2006.

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Energy REO Solutions Recruits 30-Year Mortgage Banking Veteran

Dawn O'Connor has just joined Energy REO Solutions as the company's president. In this role, she will manage and lead all operations from the company's headquarters in Minnesota. A 30-year veteran of the mortgage banking industry, O'Connor was previously VP of default operations for Nationstar Mortgage.

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Demand Rises, Inventory Falls in Single-Family Rental Market

Demand in the single-family rental market continues to expand even as inventory tightens, according to the latest MarketPulse report from CoreLogic. Comparing lease rates, supply, pricing, and the ratio between bid prices and asking prices clearly demonstrates an increasingly tightening market. Currently, the greatest amount of growth is occurring in North Port, Florida; Cape Coral, Florida; and Honolulu.

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NAR Makes Forecast on Housing, Economy

The National Association of Realtors (NAR) offered market projections into 2014 during a forum at the 2012 Realtors Conference and Expo. NAR chief economist Lawrence Yun says he expects the market share of distressed sales to fall from about 25 percent in 2012 to 8 percent in 2014, according to a release on the forum. The housing recovery was expected to continue so long as credit does not further tighten and a fiscal cliff is avoided.

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September Foreclosure Discounts Shrink; Metros with Higher Markdowns

The price difference between a foreclosure and non-distressed sale is getting smaller, according to new analysis from Zillow. In September, the nationwide discount for bank-owned properties compared to non-foreclosures was 7.7 percent, Zillow reported. In September 2011, the foreclosure discount averaged 9.1 percent and in August 2009, foreclosure discounts peaked at 23.7 percent. Year-over-year, foreclosure discounts decreased in 76.9 percent of the metros analyzed, and all the metros showed a decrease from their peak.

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Fannie Mae Expects First Net Annual Profit in Six Years

Fannie Mae has experienced significant improvements in recent months. The GSE reported a $1.8 billion net income for the third quarter of this year, a notable improvement over the $5.1 billion loss reported in the same quarter last year. Fannie Mae's third quarter report states the entity will not require a draw from Treasury this quarter. Fannie Mae also incurred a net income of $9.7 billion over the first three quarters of this year, leading the GSE to expect an annual net income for the first time since 2006.

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Prices Are Up, but Credit Must Be Addressed for Full Recovery

Even though President Obama and Governor Romney were criticized for evading housing issues when running for president, Clear Capital asserts the ""sprint"" in housing still spoke positively for Obama and assisted him in his recent re-election. But, now that Obama has won a second term, his administration is charged with leading phase two of the housing recovery, and this will happen by collaborating with the industry to reduce regulatory uncertainty, according to a Clear Capital report.

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