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year gain and marking the 11th consecutive month to post an annual increase. Looking at the overall market, higherpriced properties posted May's largest yearover-year sales gains, while activity was close to flat or down a bit in the lower-priced segments. The total number of homes that sold for less than $100,000 fell 0.2 percent in May when compared with a year earlier—a sign that sub-$100,000 deals are getting harder to come by. The number of homes that sold for less than $200,000 rose 2.0 percent from last year, while the number that sold between $200,000 and $500,000 rose 19.6 percent. The number of sales above $500,000 rose 50.8 percent compared with 2011 sales levels. The median price paid for all new and resale houses and condos sold in the Las Vegas metro area in May was $122,000—the highest since the median was $124,000 in December 2010. The month's median rose 2.5 percent from $119,000 the prior month and 4.3 percent from $117,000 a year earlier. May's $122,000 overall median price was 60.9 percent below the November 2006 peak of $312,000. In recent months, the median has been rising off a cyclical low point of $110,000 hit in January 2012, which was the lowest median recorded since it was also $110,000 in April 1994. May Foreclosure Stats Impacted by 10-Month-Old Law In Nevada, foreclosure starts in May soared month-over-month by 20.3 percent, according to the research and analytics firm ForeclosureRadar. Foreclosure sales also increased, up 7.8 percent from April to May. Time-to-foreclose also jumped up 9.4 percent to a record high of 464 days, spurred largely by AB 284, the state's Foreclosure Fraud Reform Law that went into effect October 2011. The law requires foreclosure filings to be processed and recorded in the counties in which the foreclosed properties are located. This component of the legislation is intended to give residents easier access to information on the companies that own their mortgages. In addition, under the foreclosure fraud law, the party seeking to foreclose must file a notarized affidavit of authority to foreclose demonstrating their legal right to foreclose on the property. The bill also offers both property owners and the attorney general more authority to enforce the borrower's legal rights in foreclosure cases. 96 New Hampshire rank: 38 90+ Day Foreclosure Unemployment Delinquency Rate RateRate may 2012 2.35%1.99% 5.0% year ago 2.59%2.13% 5.4% percent point change -9.0%-6.2% -7.4% Top County SULLIVAN COUNTY 90+ Day Delinquency Rate may 2012 Foreclosure Rate 3.37%4.19% year ago 3.67%3.55% percent point change -8.2%17.9% Top Core-Based Statistical Area BOSTON-CAMBRIDGE-QUINCY, MA-NH 90+ Day Foreclosure Delinquency Rate Rate may 2012 2.27%1.86% year ago 2.57%2.01% percent point change -11.5%-7.7% note: The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the May 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary May 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. New Jersey rank: 2 90+ Day Foreclosure Unemployment Delinquency Rate RateRate may 2012 4.39%7.62% 9.2% year ago 3.28%7.21% 9.3% percent point change 33.8%5.7% -1.1% Top County 90+ Day Delinquency Rate ESSEX COUNTY Foreclosure Rate may 2012 5.96%12.52% year ago 4.63%12.03% percent point change 28.8%4.0% Top Core-Based Statistical Area ATLANTIC CITY, NJ 90+ Day Delinquency Rate may 2012 Foreclosure Rate 5.84%10.17% year ago 4.43%9.50% percent point change 31.8%7.0% note: The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the May 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary May 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. IN THE NEWS Governor Vetoes REO-to-Affordable Housing Bill New Jersey Gov. Chris Christie has vetoed S-1566/A-2168, the New Jersey Residential Foreclosure Transformation Act. The bill would have established a statewide program to transition foreclosed property to affordable housing. The bill, approved by both legislative chambers, would have allowed cities and towns to buy vacant foreclosures to resell or rent them using New Jersey's $268 million housing trust. The bill also would have established the New Jersey Foreclosure Relief Corp., which would have the ability to purchase, sell, or rent foreclosed homes. If the city doesn't step in, the Foreclosure Relief Corp. can take over by selling bonds to acquire and then sell or rent vacant foreclosed homes. Under the legislation, municipalities would have received affordable housing credits based on the number of homes they sell or rent to low-income buyers. Real Estate Tech Startup Announces Initial Seed Stage Capital Offering The real estate technology startup firm NorthReal, Inc., announced its initial capital offering to early-stage technology investors. NorthReal aims to raise $280 million, making it the largest real estate technology startup to date, according to a company release. The initial $4 million round of investments will be used for product development and market expansion. NorthReal was founded in 2009 and builds Internet-based software applications for the real estate industry. The company focuses on exploring new ways to transact real estate and looks to create value by reducing transaction time, enhancing the user experience, and aiding in the discovery of real property. "We're developing easy-to-use applications that enrich the online property shopping experience while delivering new ways to market properties for brokers," said Michael Haddad, director of digital media. NorthReal is headquartered in Rochelle Park and operates PropClip, Kanubee, FetchSparky, and BeachBeyond digital real estate holdings.

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