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82 recently by Wells Fargo Economics Group. Pennsylvania's economy has struggled, and the state's housing market has been slow to recover right along with it, Wells Fargo reported. Pennsylvania's real GDP increased by only 0.7 percent in 2013, about half of the national average growth rate. Nonfarm payrolls are up only 1 percent in the state from this time last year, which is much lower than the 1.8 percent nationwide year-over-year increase. Analysts believe that the slow growth of the labor market in Pennsylvania has kept the housing market in the state from fully recovering from the bust of 2008, although the boom and bust in Pennsylvania were less severe than what they were in the rest of the nation. Home sales for 2014 have fallen 5.1 percent from this time last year, according to Wells Fargo. New home prices are up only 2.7 percent from a year ago in the state, far less than the national average of 7.5 percent, giving economists little hope for a third- quarter rebound. Fewer homes are being built due to the low demand for new housing, another contributing factor to the sluggish housing market in Pennsylvania, Wells Fargo reported. e Wells Fargo commentary indicated that not all the news is bad for the Pennsyl- vania housing market, however. Home prices in the state are only 6.7 percent away from their pre-recession peak while the national average is 12.9 percent away, a fact owed more to the minimal impact of the boom and bust in Pennsylvania than to earlier growth in the housing market. e result of this has been fewer homeowners with negative equity in Pennsylvania than in the rest of the country. Homes in Pennsylvania are selling at an average median home price of more than 20 percent off the national average, according to Wells Fargo. is may be partially due to Pennsylvania's higher mortgage delinquency and foreclosure rates. Rhode Island RANK: 8 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate JULY 2014 3.53% 2.38% 7.7 YEAR AGO 4.34% 3.08% 9.6 YEAR-OVER-YEAR CHANGE -18.7% -22.6% -1.9 Top County PROVIDENCE COUNTY 90+ Day Foreclosure Delinquency Rate Rate JULY 2014 4.38% 2.88% YEAR AGO 5.38% 3.71% YEAR-OVER-YEAR CHANGE -18.5% -22.3% Top Core-Based Statistical Area 90+ Day Foreclosure Delinquency Rate Rate JULY 2014 YEAR AGO YEAR-OVER-YEAR CHANGE note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the July 2014 foreclosure rate. All fi gures are rounded to the nearest decimal. The unemployment rate refl ects preliminary July 2014 fi gures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. IN THE NEWS Linear Title Forms New Division to Offer More Products, Services Rhode Island-based automated national title agency Linear Title and Closing has announced the formation of a title services division that will offer products and services to help title insurance agencies serve clients better and grow their businesses. Among the products that will be offered by the new title services division at Linear Title will be streamlined title services in states where they are not licensed, as well as title products such as Title Hound, Certus, and Encompass Integration as part of a bundle. "It's a strong approach to bundle title ser- vices for agents with software products they require," said Nick Liuzza, CEO of Linear Title. "Our title integration with Encompass helps agents grow their top line, while engag- ing Linear for title services in certain states allows agents to realize additional income." Vermont RANK: 10 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate JULY 2014 1.61% 2.35% 4.1 YEAR AGO 1.70% 3.43% 4.5 YEAR-OVER-YEAR CHANGE -5.3% -31.5% -0.4 Top County GRAND ISLE COUNTY 90+ Day Foreclosure Delinquency Rate Rate JULY 2014 1.48% 5.73% YEAR AGO 2.13% 5.65% YEAR-OVER-YEAR CHANGE -30.4% 1.3% Top Core-Based Statistical Area RUTLAND, VT 90+ Day Foreclosure Delinquency Rate Rate JULY 2014 2.00% 3.62% YEAR AGO 2.49% 4.70% YEAR-OVER-YEAR CHANGE -19.6% -23.0% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the July 2014 foreclosure rate. All fi gures are rounded to the nearest decimal. The unemployment rate refl ects preliminary July 2014 fi gures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. THE LEADER IN DEFAULT SERVICING NEWS Help shape the next issue of DS News. Drop us a line at Editor@DSNews.com. The total number of mortgage loan modifications in Pennsylvania during Q2, comprising 4.1 percent of mortgage loan modifications nationwide during the quarter. Source: Office of the Comptroller of the Currency STAT INSIGHT 2,888

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