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Landmark Mortgage Adds New Mortgage Advisor

Landmark Mortgage Group has added a new advisor to its roster of lending and real estate professionals. The company recently promoted Adina Erridge to mortgage advisor from her previous role as a production assistant.

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Live Like the Sultan of Swat on Home Plate Farm

For baseball fans, it doesn't get any greater than Babe Ruth, and now that a Massachusetts estate once belonging to Ruth is on the market, homebuyers have the chance to live like the Sultan of Swat. The property, which is known as Home Plate Farm, is listed for $1.

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Income Growth Slows as Spending Drops in May

Consumer spending fell $4.7 billion, less than 1 percent in May, reversing the 0.15 percent increase in April, the Labor Department reported Friday. Personal income meanwhile grew $25.4 billion or 0.18 percent, down from April's 0.22 percent growth. The numbers suggest GDP growth for the second quarter which ends Saturday could be slip from the first quarter's weak 1.9 percent growth rate. In dollars, income growth in May was less than the $29.4 billion in April, while spending fell from a gain of $16.2 billion in April.

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Study: New HARP Bill Would Result in 13M New Refinances

If it becomes law, a Senate bill could increase the number of homeowners who refinance under the Home Affordable Refinance Program by up to 13 million. That's the consensus reached by professors with Columbia University Business School, which released the study on Thursday. The study sketched the likely effects of a bill recently co-sponsored by Sens. Barbara Boxer and Robert Menendez. Researchers said that new HARP modifications could lead to roughly $35 billion in savings for homeowners, a number that could help stem the rate of foreclosure activity nationally.

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Confusion Over Reverse Mortgages Linked to Higher Foreclosures

The CFPB released a report Thursday showing that although reverse mortgages are meant to help borrowers in retirement, they are in fact causing problems for many who don├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ót fully understand them. A reverse mortgage is a type of home loan that lets older homeowners access the equity they have built up on their homes and defer loan payment until they sell the home, move out, or pass away. The original purpose of reverse mortgages was to allow these homeowners to convert home equity into retirement income.

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Mortgage Rates Stay Flat as Europe Trembles

Mortgage rates remained somewhat flat for the week ending June 28, according to Freddie Mac├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Primary Mortgage Market Survey. Average fixed mortgage rates remained largely unchanged, helping to keep affordability high for buyers in the market to purchase a home or looking for a refinance. The 30-year fixed averaged 3.66 percent (0.7 point), staying level with the all-time low that was achieved the previous week. At this time in 2011, the 30-year fixed averaged 4.51 percent. The 15-year fixed averaged 2.94 percent (0.7 point), down slightly from 2.95 percent the previous week.

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First-Quarter GDP Growth Crawls at 1.9%

The US economy grew at an annual rate of 1.9 percent in the first quarter, the Labor Department said Thursday. The BEA report was consistent with market expectations but emphasized a moribund economy. The economy had expanded at a 3.0 percent pace in the fourth quarter of 2011. In economic measurement terms, these data are ancient economic history, since the second quarter ends Saturday. The advance first quarter GDP report will be released on July 27. The data released so far for April, May, and early June suggest second-quarter 2012 economic activity may have grown even less rapidly.

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Mortgage Applications Fall 7.1%, Prompted by Refinance Decline

Mortgage applications decreased 7.1 percent over the week last week with an 8 percent decline in refinance applications contributing largely to the decrease, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. The decline was the same for an unadjusted and seasonally adjusted index. The percentage of mortgage applications made up by refinance applications fell slightly from 80 percent the previous week to 79 percent for the week. Interest rates for 30-year fixed-rate loans ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô with both conforming and jumbo loan balances ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô increased slightly for the week.

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Hollywood Legends List Mullholland Drive Estate for $6.995M

Legendary Hollywood couple Warren Beatty and Annette Bening are selling their Beverly Hills home. The Beatty-Benings put their luxury pad up for for lease last year, but after failing to snag an interested tenant, they've listed the property, which is located on famed Mullholland Drive, for $6.995 million.

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