Foreclosure backlogs persist

The improving job market and economy is helping push mortgage delinquencies and foreclosure starts down, but the percentage of loans in the foreclosure process remains stubbornly high, especially in states most affected by robo-signing issues, according to a quarterly survey of lenders by the Mortgage Bankers Association. Since peaking at 10.1 percent in March 2010, …

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Congress votes to restore FHA loan limits

House and Senate leaders signed off on a conference report for a “minibus” appropriations bill that included language restoring FHA’s ability to insure loans of up to $729,750 in high cost markets through 2013. Because the minibus appropriations package also contains a continuing resolution to avoid a government shutdown and continue federal operations until Dec. …

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After a jump in August, foreclosures begin again

New foreclosure actions in states along the country’s West Coast returned to levels in line with prior months during September, according to ForeclosureRadar, a California-based company that tracks every foreclosure in its five-state coverage area. The leveling off in September follows a strong surge in foreclosure starts during the month of August in the western …

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Home prices drop in February

Following three months of sales gains, California home sales posted a weaker-than-expected performance and declined in February, according to data from the California Association of Realtors® (C.A.R.).  The statewide median price of an existing, single-family detached home sold in California also declined in February. MAKING SENSE OF THE STORY Closed escrow sales of existing, single-family …

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