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REGIONAL PRICE GAINS CONTINUE TO STRENGTHEN RECOVERY: CLEAR CAPITAL National home prices seemed to pick up steam with all four regions of the country post- ing price gains in July, Clear Capital reported in early August. On a quarterly basis, home prices nationally increased 2 percent in July, and year-over-year the increase was even greater at 2.2 percent. The yearly increase is 0.5 percentage points higher than June's yearly gain and the strongest in nearly two years. Clear Capital mainly at- tributed the growth to a 6.2 percent yearly gain in the West. Among the four regions, the West also re- momentum for low-tier gains (homes selling for $169,000 and less), Clear Capital explained. With less distressed properties to sell, the Northeast will need to rely more on mid-tier and higher-priced homes for price increases. In the West, buyers shifted focus from homes priced $140,000 and less to homes sell- ing for greater than $347,000. Clear Capital stated this migration points to a more broad- based demand, which is needed for a mature recovery. "While significant risks remain at large, ported the biggest quarterly gain at 4.4 percent. The Midwest saw an increase of 2.1 percent quarter-over-quarter, the South 1.5 percent, and the Northeast 0.4 percent. While a reduction in distressed sales gener- SHORT SALE BILL ADDRESSES SLOW APPROVAL FROM 2ND LIEN HOLDERS cently introduced a bill to speed up the short sale process by requiring subordinate mortgage lien holders to make a decision on a short sale within 45 days. If the second mortgage holder does not provide a decision within the given time period, the legislation states that the short sale will be considered approved on the 46th day. The bill, titled Fast Help For Homeowners Rep. Jerry McNerney (D-California) re- ally increases home prices, in the Northeast, the drop in REO saturation actually contributed to the region's weaker quarterly gain, according to Clear Capital. REO saturation fell 3 percent- age points to 7.7 percent, which slowed down housing now has the potential to enter a posi- tive feedback loop," said Dr. Alex Villacorta, director of research and analytics at Clear Capital. "Price increases could lead to increased confidence. This could motivate buyers, propel- ling the recovery in spite of the potential eco- nomic slowdown outside the housing market. Of course, it's still possible that housing could experience a pull back if contagion from other economic sectors bleeds through, but right now there appears to be a healthy level of resilience." NO EXCUSES. JUST RESULTS. The highest level of customer satisfaction. www.GeherenLaw.com Services • Foreclosures • Creditor's Rights/ Bankruptcy • REO Services • Loss Mitigation • Defi ciency Judgments/ Collections • Evictions • Defensive Litigation • Title Services & Title Insurance (FHFH) Act, received bipartisan support from McNerney's peers and strong industry endorse- ments. Moe Veissi, president of the National Association of Realtors (NAR), said, "Second mortgage lien holders frequently hold up and cancel the short sale transaction while trying to collect the largest possible payout in exchange for releasing the homeowner's lien, even though the secondary lien holder often gets nothing if the home ends up going into foreclosure." Veissi acknowledged that efforts have been made to improve primary lien holders' response times, yet he says issues still abound with second and subsequent lien holders. NAR says its members continue to report delays in complet- ing short sale transactions due to drawn-out response times. "This legislation is a step in the right direction," according to Veissi. McNerney's bill is cosponsored by four Democrats representing districts in his home state of California—Reps. Dennis Cardoza, George Miller, Jim Costa, and Barbara Lee— and from the Republican side, two congressmen from Florida—Reps. Richard Nugent and Tom Rooney. STAT INSIGHT Providing unmatched, intelligent and effective legal services throughout the State of Georgia. THE GEHEREN FIRM, PC 4828 Ashford Dunwoody Road | Second Floor | Atlanta, GA 30338 678.587.9500 Offi ce | 678.587.9098 Fax modifications completed during the first six months of 2012. 395,722 Permanent loan Source: HOPE NOW 44

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