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Revised GDP Report Shows Growth, Reverses Advance Estimates

Real gross domestic product (GDP) grew 0.1 percent in the fourth quarter, the Bureau of Economic Analysis (BEA) reported Thursday. Last month, in the advance GDP release, BEA had reported the nation's economy contracted by 0.1 percent, the first "negative growth" since the end of the Great Recession in mid-2009. Economists had expected the turnaround, but to a stronger 0.5 percent growth rate. BEA said the revision is based on more complete data than were available for the "advance" estimate issued last month.

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Mortgage Fraud Risk Rises to 3-Year High in Q4 2012

According to Interthinx's latest Mortgage Fraud Risk Report, the company's mortgage fraud risk index climbed to 159 in last year's fourth quarter, representing a 16 percent increase from Q3 2012 and 9 percent increase from Q4 2011. Reflecting the national trend, the number of "very high risk" metros spiked from 70 in Q3 to an unprecedented 125 this quarter, the report revealed. In addition, 26 states have at least one newly added "very high risk" metro.

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Bay State Sales, Median Prices Rise in January

Single-family home sales in Massachusetts rose more than 10 percent year-over-year in January, according to new data from The Warren Group. Single-family sales reached 2,680--the highest January sales level since 2007, when there were 2,953 transactions. January 2012 single-family home sales were 2,436.

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FDIC Institutions Report Increased Earnings

Institutions insured by the Federal Deposit Insurance Corporation (FDIC) recorded their second-highest annual earnings ever in 2012, according to the FDIC's Quarterly Banking Profile for the fourth quarter of 2012. High noninterest income and declining loan loss provisions contributed to the increase, according to the FDIC. Net income for all FDIC-insured institutions over the year was $141.3 billion, a 19.3 percent increase from net income recorded in 2011.

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Hearing Examines Treasury-Approved Executive Compensation

Following a recent report from the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), which charged that Treasury has not appropriately limited compensation for executives at companies bailed out by TARP, a House subcommittee held a hearing on the matter.

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