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Feds see foreclosures as top priority Premium Content

By Glenn Roberts Jr., Friday, June 19, 2009.

WASHINGTON, D.C. -- Several federal officials, on the front lines in the battle to restore order, activity and confidence in the nation's housing market, told an audience of real estate journalists on Thursday that curbing foreclosures is key to a housing and economic recovery.

"Our first responsibility is to stem the tide of foreclosures sweeping the country and help people keep their homes," said Housing Secretary Shaun Donovan, who addressed members of the National Association of Real Estate Editors during an annual conference.  more...

Defaults, fraud drain FHA fund Premium Content

By Inman News, Friday, June 19, 2009.

A surge in demand for FHA-backed loans is likely to overtax the oversight resources of the Federal Housing Administration, making the program more vulnerable to fraud schemes, HUD's inspector general told lawmakers this week.

The growth in demand -- FHA backed $71.7 billion in single-family mortgages in the first three months of the year, up 245 percent from a year ago -- comes as delinquencies and foreclosures hit new highs, threatening to deplete the FHA's insurance fund below statutory minimums for the first time since 1934.  more...

High-end sales boost home prices

By Inman News, Friday, June 19, 2009.

A pickup in sales of homes financed by jumbo loans in May helped boost median home prices in the San Francisco Bay Area and the "Southland" region surrounding San Diego and Los Angeles, MDA DataQuick reported.

In the nine-county San Francisco Bay Area, the median home price was up 12.3 percent from April to May, to $341,500, DataQuick said -- an 18 percent increase from the low of $290,000 seen in March.  more...

Foreclosure expert almost lost first home Premium Content

By Inman News, Friday, June 19, 2009.
Sean O'Toole

ForeclosureRadar.com helps real estate professionals and investors find and evaluate distressed and real estate owned (REO) properties in California, tracking homes through all stages of the foreclosure process, including preforeclosure, auction and REO.

The company also offers an online community, ForeclosureTruth.com, where consumers can find Realtors specializing in foreclosures, investors can source service providers, and lenders can connect with brokers.

ForeclosureRadar.com was a finalist for the 2008 Inman Innovator Awards in the "Web Service" category.  more...