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Midday minute August 13 – Finance

Retail sales fell unexpectedly in July, the government reported on Thursday despite the boost from the cash-for-clunkers automobile incentive program. U.S. retail sales fell 0.1 percent the Commerce

Mortgage applications drop as loan rates rise

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U.S. mortgage applications fell last week, reflecting a drop in demand for home refinancing loans as interest rates soared to their highest levels since June, data from an industry group showed on Wednesday.
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U.S. mortgage applications drop as loan rates rise

U.S. mortgage applications fell last week, reflecting a drop in demand for home refinancing loans as interest rates soared to their highest levels since June, data from an industry group showed on Wednesday.
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About half of U.S. mortgages seen underwater by 2011

The percentage of U.S. homeowners who owe more than their house is worth will nearly double to 48 percent in 2011 from 26 percent at the end of March, portending another blow to the housing market, Deutsche Bank said on Wednesday.
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Mortgage demand boosted by refis as rates drop

Demand for U.S. home loans rose last week as a decline in 30-year fixed mortgage rates to a three-week low boosted applications for refinancing, the Mortgage Bankers Association said on Wednesday.
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Illinois files bias suit against Wells Fargo

Illinois Attorney General Lisa Madigan filed suit on Friday against Wells Fargo & Co , accusing the second-largest mortgage lender of steering blacks and Latinos into high-cost subprime loans.
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Unemployment spreads distress in U.S. home loans

Cities in the U.S. Sun Belt states of California, Florida, Nevada and Arizona dominated the record foreclosure spree in the first half of the year, but distress in other regions emerged as joblessness spread, RealtyTrac said on Thursday.
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Trillions of Property At Risk

$2.2 trillion of properties acquired or refi nanced after this point in early 2004 have lost value since the transaction.
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Subprime mortgage companies warn on U.S. foreclosures

Companies that service risky residential mortgages are warning U.S. officials that a key program to slow foreclosures may push some financing costs higher and derail their efforts, said a leading subprime firm.
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U.S. wants lenders to speed up mortgage aid

Senior U.S. housing officials and leading mortgage companies met on Tuesday to set explicit goals for preventing evictions and helping struggling borrowers with their home loans.
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U.S. housing chiefs to push lenders for aid

Senior U.S. housing officials and leading mortgage companies on Tuesday will make a fresh commitment to help troubled borrowers keep their homes and will promise to expand foreclosure-prevention aid, sources familiar with the plans said.
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U.S. housing chiefs to push lenders for aid: sources

Senior U.S. housing officials and leading mortgage companies on Tuesday will make a fresh commitment to help troubled borrowers keep their homes and will promise to expand foreclosure-prevention aid, sources familiar with the plans said.
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Banks kick commercial real estate loans down road

For the past six months or so, Wall Street has been bracing for what many fear may be the next shoe to drop on the already battered U.S. economy: a U.S. commercial real estate bust that could rival the housing market collapse.
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Administrators struggle with big bond blow ups

The fate of billions of pounds of British commercial property is in the hands of a small group of secretive administrators, leaving investors in the dark about the future returns on their bonds.
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U.S. housing starts, permits jump in June

Ground-breaking for new U.S. homes jumped in June, with starts for single-family homes rising at the fastest rate in 4-1/2 years, the government said on Friday in a report that suggested the battered housing sector was beginning to stabilize.

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