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IN THE NEWS Maine rank: 7 90+ Day Delinquency Rate Foreclosure Rate november 2012 2.93% Unemployment Rate 5.44% 7.2% year ago 2.67% 5.50% 7.1% percent point change 9.5% -1.1% 1.4% Top County WashingTon CounTy 90+ Day Delinquency Rate Foreclosure Rate november 2012 3.91% 12.49% year ago 4.07% 11.82% percent point change -4.1% 5.7% Top Core-Based statistical area LeWisTon-auBurn, Me 90+ Day Delinquency Rate Foreclosure Rate november 2012 3.92% 7.00% year ago 3.56% 6.69% percent point change 10.0% 4.6% 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 November 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary November 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. Maryland rank: 9 90+ Day Delinquency Rate Foreclosure Rate november 2012 4.50% Unemployment Rate 3.98% 6.6% year ago 4.87% 3.65% 6.7% percent point change -7.5% 9.0% -1.5% Top County DorChesTer CounTy 90+ Day Foreclosure Delinquency Rate Rate november 2012 5.00% 7.60% year ago 6.46% 5.65% percent point change -22.5% 34.6% Top Core-Based statistical Area CAMBriDge, MD 90+ Day Delinquency Rate Foreclosure Rate november 2012 5.00% 7.60% year ago 6.46% 5.65% percent point change -22.5% note: 34.6% 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 November 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary November 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. 112 CoesterVMS Applies First Flat Fee Structure for Appraisals CoesterVMS announced that as of January 1, it has implemented the first flat fee model for residential appraisals. Through the new model, all conventional appraisals are priced at $450 while appraisals are $475. The Rockville, Maryland-based appraisal management company (AMC) explained a tiered fee structure is generally utilized, which determines prices based on the property type or location. However, CoesterVMS' flat fee structure provides for a flat fee regardless of the type or location of a property. In addition, the nationwide AMC says the flat fee model allows lenders to maintain guidelines under the Real Estate Settlement Procedures Act (RESPA) concerning disclosures on loan costs. "RESPA guidelines mandate new disclosures to be sent to borrowers when the difference between quoted fees and actual fees is 10 percent or more," said Brian Coester, CEO of CoesterVMS. "With tiered appraisal fee structures, there tends to be a lot of add-on fees, which can easily put the lender at risk of a RESPA violation. On the other hand, there's nothing safer than a fixed fee." CoesterVMS says that after several months of successful testing, it decided to implement the flat fee structure. Before the change, clients had to submit a certain number of orders to qualify for a flat fee. KNOW THIS According to the Zillow Home Value Index, home values averaged $222,000 in Baltimore, Maryland, in Q4 2012. Massachusetts rank: 27 90+ Day Delinquency Rate Foreclosure Rate november 2012 3.47% Unemployment Rate 2.43% 6.6% year ago 3.70% 2.36% 7.0% percent point change -6.0% 3.1% -5.7% Top County HaMpden CounTy 90+ Day Delinquency Rate Foreclosure Rate november 2012 5.66% 3.79% year ago 5.86% 3.18% percent point change -3.4% 19.3% Top Core-Based Statistical area piTTSfield, Ma 90+ Day Delinquency Rate Foreclosure Rate november 2012 3.77% 3.75% year ago 4.04% 3.55% percent point change -6.6% 5.9% 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 November 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary November 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. IN THE NEWS Massachusetts Sees Fewer Foreclosures and Petitions in November Completed foreclosures in Massachusetts fell year-over-year for the sixth consecutive month in November 2012, while foreclosure petitions were down to the lowest level seen last year, according to a report from the Warren Group. Foreclosure deeds in the state numbered 295 for November 2012, a near 60 percent decrease from 731 deeds a year before. Year-to-date, foreclosure deeds totaled 7,158, down almost 8 percent during the same period in 2011. The number of initiated foreclosures also saw a decrease for the second time in 2012 as fewer lenders filed foreclosure petitions in Massachusetts. Petitions begin the first step in the foreclosure process. In November 2012, foreclosure petitions stood at 983, the lowest since May 2011 when 699 petitions were filed. The figure also represents a 3 percent decline from 1,015 in 2011.