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Does the mortgage industry still need Appraisal Management Companies?

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Los Angeles tops for second-quarter short sales

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Los Angeles had the nation's highest number of housing short sales in this year's second quarter, with Phoenix a close second, according to foreclosure data firm RealtyTrac. Short sales totaled 9,145 in Los Angeles for the quarter, making up 25% of all sales with an average short-sale price of $350,237. Phoenix saw 8,434 short sales at an average price of $133,793, with short sales making up 23.4% of all sales. RealtyTrac reported in August that U.S. short sales increased 19% in the second quarter to 102,407, up from 86,059 in the previous quarter. Short sales made up 12% of all residential home sales in the second quarter, with nearly one-third of all sales at some stage of foreclosure. Reno, Nev., saw the biggest quarterly increase in short sales to nearly 50%, making up about 30% of total sales. Write to Andrew Scoggin. Follow him on Twitter @ascoggin.

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