Foreclosures soared by nearly two-thirds in the Northeast last year, while the Southeast recorded a smaller surge of 37%, according to ForeclosureS.com, a Fair Oaks, Calif.-based investment advisory firm.The foreclosure spike of 64.6% in the Northeast was fueled by "a fourth-quarter filings scramble" in the New York and Boston metropolitan areas and across northern New Jersey, the company reported. Massachusetts led the way, as foreclosure filings skyrocketed 184.3%, from 8,489 in 2005 to 24,137 in 2006. The region recorded 96,101 filings in 2006, compared with 58,394 in 2005. In the Southeast, a similar "year-end scramble" helped boost foreclosure filings well over 200,000. The region ended the year with 220,189 filings, compared with 160,259 in 2005, according to ForeclosureS.com. Despite the jump, Florida yielded its distinction of leading the nation in foreclosures to California, finishing the year with 120,989 filings (a 26.8% rise), compared with 157,417 for California. The company can be found online at http://www.foreclosures.com.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
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Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
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Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
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The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
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