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Foreclosure

Significant Declines Seen in Late-Stage Delinquencies and Foreclosures

Industry data released Thursday shows a sharp drop in the percentage of home loans 90 or more days past due or in foreclosure. The Mortgage Bankers Association (MBA) reports 90-plus day delinquencies have dropped for five straight quarters, while the nation's foreclosure inventory recorded its largest decline since the trade group began tracking the market. At least one economist says the combination is a sign of ""genuine improvement."" Remaining troubles appear to be concentrated in a handful of states. Five account for over half of the loans in foreclosure in the country.

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City of Las Vegas to Host Home Rescue Fair

Las Vegas residents facing foreclosure can receive help during a Home Rescue Fair this Friday and Saturday at the Palace Station Hotel Casino. Sponsored by the city of Las Vegas, the event was organized by Housing for Nevada and the Alliance for Stabilizing Communities, with the support of Bank of America.

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Prospective Homebuyers Interested in Foreclosures at a Discount

A new study conducted by Trulia and RealtyTrac found that 56 percent of U.S. renters and 47 percent of current homeowners are at least ""somewhat likely"" to purchase a foreclosed home. Along with having some concerns about hidden costs and still-declining home values, many potential buyers expect to save money if they buy a foreclosure. On average, survey respondents said they would expect to pay 38 percent less for a foreclosed home than a similar home that was not in foreclosure - not too far above today's average discount of 36 percent.

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Massachusetts Foreclosures Drop Sharply in April

For the month of April, Massachusetts foreclosure activity remained at levels dramatically below those recorded last year, according to data released this week by the Warren Group in Boston. However foreclosure petitions, which mark the first step in the foreclosure process in the Bay State, posted their highest number so far this year.

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LPS Reports an About-Face in Delinquency and Foreclosure Movement

Lender Processing Services (LPS) says market data it's pulled through the end of April reveals an increase in the national mortgage delinquency rate and a drop in the industry's foreclosure inventory. Both stats did a complete u-turn from the trajectory they were on the prior month. LPS says the ratio of mortgages 30 or more days past due but not yet in foreclosure rose to 7.97 percent in April, while properties in the midst of the foreclosure process declined to 4.14 percent.

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California Non-Profit to Purchase Foreclosed Properties with HUD Grant

California's Inland Empire Economic Recovery Corporation (IEERC) recently announced it will receive a $1 million grant from HUD. The non-profit, which works to stabilize real estate values in distressed neighborhoods, will use the grant to purchase and rehabilitate foreclosed properties. IEERC recently made its first offer to purchase 34 foreclosed houses from Fannie Mae.

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Orlando’s Home Inventory Shrinks to Level of Six Years Ago

According to the Orlando Regional Realtor Association (ORRA), the Florida city's once-monolithic housing inventory was down to 11,480 homes available for purchase last month, a level not seen since 2005. Foreclosures and short sales represented a lion's share 65.49 percent of all home sales in April, although that figure is down 5 percent from March.

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West Coast Foreclosures Counterintuitive After Robo-Signing Fixes

Foreclosure activity slowed in April in states along the country's West Coast, but a local firm that tracks every foreclosure action in the area is having trouble making sense of what it says is an unexpected trend. According to ForeclosureRadar, filings last month were down in Arizona, California, Nevada, and Washington. Cancellations were up significantly across the board, leaving fewer properties scheduled for trustee sale. ForeclosureRadar says banks have had time to resolve robo-signing issues, so we should be seeing exactly the opposite results.

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Ohio Files Suit Against Mortgage Modification Firm

Ohio Attorney General Mike DeWine has filed a lawsuit against The Modification Group LLC, a Cleveland business that offered to help homeowners avoid foreclosure in exchange for upfront fees. The lawsuit alleges multiple violations of Ohio consumer law, including failure to deliver. The attorney general's office currently has 70 complaints against the company dating back to December 2009. DeWine is seeking civil penalties and full restitution for consumers.

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Mortgage Delinquencies Improve for Fifth Straight Quarter: TransUnion

The share of mortgage borrowers in the United States 60 or more days behind on their payments dropped to 6.19 percent at the end of the first quarter of 2011, according to data released Monday by the credit bureau TransUnion. That's down from 6.41 percent at the close of 2010 and marks the fifth consecutive quarter that TransUnion has reported an improvement in the national delinquency rate. The firm says as home prices have declined further, delinquencies were expected to remain flat or at least slow in their decline, but that hasn't been the case.

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