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HUD Secretary Testifies on Potential FHA Bailout

In a testimony before the Senate Banking Committee on Thursday, HUD Secretary Shaun Donovan defended the Federal Housing Administration's (FHA) recent role in the housing market and the steps the agency has taken to avoid a possible bailout. In an annual report issued to Congress in mid-November, HUD revealed the capital reserve ratio of FHA's Mutual Mortgage Insurance (MMI) Fund had fallen to -1.44 percent (representing -$16.3 billion) based on data from an independent actuary.

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Title Insurers Bring in Increased Premiums in Third Quarter

The American Land Title Association (ALTA) reports continued improvements for title companies. Each of the three quarters the association reported on so far this year have registered increasing volume for title companies. Premiums rose 28 percent year-over-year in the third quarter. The industry produced $3 billion in title insurance premiums over the third quarter, up from $2.4 billion during the same period in 2011.

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Winans Projects Potential Impact of Tax Changes on Housing

Releasing the company's most recent Real Estate Index, Winans Investments is declaring that housing's bear market is over. Tempering the survey's positive findings, however, the company's economists emphasized that changes in tax laws could slow or stop the market's recovery trends.

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Trulia Hires VP of Industry Services

New

Trulia, a leading online real estate marketplace operating out of San Francisco, announced the appointment of industry veteran Alon Chaver as VP of industry services. Chaver most recently served as the co-founder and CEO of iHomeFinder, serving brokers and multiple listing services (MLSs) across the country for more than 15 years.

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October Posts Largest Yearly Price Increase Since 2006

Home prices were up 6.3 percent year-over-year in October, according to CoreLogic's most recent Home Price Index (HPI) report. The rise represents the biggest yearly increase since June 2006 and marks the eighth consecutive month in which prices rose on an annual basis. October's strength is expected to carry into November, as well. The CoreLogic Pending HPI shows that November prices (including distressed sales) are anticipated to rise about 7.1 percent year-over-year.

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NewDay USA Recruits Baseball Legend as Spokesperson

Baseball's all-time "Iron Man" has joined forces with NewDay USA, the Maryland-based company announced. Cal Ripken Jr., former Baltimore Oriole and one of the diamond's greatest legends, has been brought on to serve as spokesperson for the lender's philanthropic activities and community outreach efforts. He will also promote the education and training programs of NewDay USA University, the company's mortgage banking training initiative.

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