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Rick Sharga Joins Auction.com

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Rick Sharga has departed Carrington Mortgage Holdings to serve as EVP for Auction.com, the online real estate marketplace announced in a release. From his office in Auction.com's Irvine, California headquarters, Sharga will serve as the company's chief spokesman on topics related to the U.S. housing market, mortgage market, commercial real estate, and international real estate.

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Rising Rates, Inventory Drive Down Buyer Competition

While summer temperatures are now consistently rising into the triple digits in many parts of the country, bidding wars for homes continue to cool, Redfin said in its Real-Time Bidding Wars report for June. Nationally, the percentage of offers written by Redfin agents that faced multiple bids fell for the third straight month to 68.6 percent, down from 69.5 percent in May and 75.7 percent in March. Redfin analyst Ellen Haberle attributed the continued decline to rising mortgage interest rates and an easing in the inventory crunch.

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Initial Jobless Claims Up to Two-Month High

First time claims for unemployment insurance jumped a surprising 16,000 to 360,000, for week ended July 6, the highest level since mid-May, the Labor Department Thursday. Economists expected the number of claims to drop to 337,000 from the 343,000 originally reported for the week ended June 29.

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Agencies Propose More Exemptions for Appraisal Rules

In a joint release, six federal financial regulators proposed exemptions from Dodd-Frank appraisal requirements for loans of $25,000 or less, certain streamlined refinancings, and certain loans secured by manufactured housing. Those exemptions would join others already laid out earlier this year. According to the release, the proposed exemptions "are intended to save borrowers time and money and to promote the safety and soundness and creditors."

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