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LOCAL EDITION ANALYTICS Foreign Buyers Back Off as Pricing Improves ACCORDING TO FINDINGS FROM TRULIA, THE HOMEBUYER RUSH FROM ABROAD IS SLOWING AS HOME PRICES BEGIN TO LIFT. FLORIDA/PHOENIX // Higher asking prices drove off foreign homebuyers and investors over the last year, with real estate firms citing a 10 percent decline in foreign interest for the U.S. housing market. Releasing its International House Hunter Report, Trulia found that asking prices rose 0.3 percent year-over-year, nixing helpful influence from still-falling home prices. The housing bust attracted a tate bargains get turned off when prices increase," Jed Kolko, chief economist with Trulia, said in a statement. "Investors want to buy when prices are at their bottom, but they'll start to lose interest when prices rise 15 percent, as they have in Miami and Phoenix. Demand by people looking to scoop up bargains can dry up quickly when prices rise." The decline in overseas buyer number of foreign and cash buy- ers interested in low prices and the safe haven of U.S. real estate investment. "Foreigners attracted to real es- lar area among foreign buyers, international house hunters fell from 16.3 percent in June last year to 15.7 percent this year. Other places in Florida likewise and investor activity ran steep year-over-year. In Miami, a traditionally popu- housing in 2011 as Europeans looked to American real estate as a safer investment," Kolko added. "Last year, the share of searches saw dips in their overseas buyer activity. Fort Lauderdale observed a drop from 14.2 percent last year to 12.9 percent this year, while West Palm Beach saw declines that ran from 12.2 percent to 10.3 percent. Los Angeles, another hub of from Greece, Spain, and Italy increased, bucking the interna- tional trend. Now, however, the foreign search share is declining even from those eurozone crisis countries," he said. foreign buyer activity, came in just behind Miami for year-over-year declines in international house hunters, slumping from 13.4 percent last year to 13.7 percent this year. Other areas saw a climb in activity. House-hunting activity picked up in tourist destination 68 | THE M REPORT IBKC Closes Acquisition with Gulf Bancorp PURCHASING THE COMPANY AND ITS SUBSIDIARY, FLORIDA GULF BANK, IBKC IS 31, the same day that BB&T Corporation concluded its buyout of BankAtlantic. Through the acquisition, Orlando, increasing from 10.7 percent to 10.8 percent. The Trulia report made a nod to INCREASING ITS FOOTPRINT IN THE SUNSHINE STATE. the ongoing debt crisis in Europe, a helpful influence on housing activ- ity that kept Treasury yields and interest rates for mortgage loans correspondingly low this year. "Although Europe's financial troubles have been a global economic threat, the eurozone crisis had a silver lining for U.S. FLORIDA // Another large acquisition in the Florida market has been completed, with the announcement that IberiaBank Corporation has purchased Gulf Bancorp, Inc., and its subsidiary, Florida Gulf Bank. IBKC's deal closed follow- ing the end of business on July and CEO of Florida Gulf Bank, was named market president for Lee County for IberiaBank. Valenti commented on the agreement between the two companies, stating, "With this combination, we will continue to focus on delivering best-in- class banking products and the power of personal service to our local clients, with the support of a strong regional bank with superior capital strength." In conclusion, Byrd added, "Bill William P. Valenti, president and his executive team have built a solid, high-quality organization in Lee County. The combination of these two great franchises enhances our standing as one of the strongest banks in Southwest Florida." Which States Are Home Pricing Leaders? A SUMMER SURVEY FROM LPS SHOWS THAT HPI GROWTH IS SCATTERED ACROSS THE NATION, WITH DELAWARE TAKING THE NO. 1 RANKING FOR IMPROVING HOME PRICES. DELAWARE // Lender Processing Services (LPS) re- leased its May Home Price Index (HPI) report, showing that prices increased both month-over- month and year-over-year. The report, based on residential IBKC will merge its subsidiary, IberiaBank, with Florida Gulf Bank, and IBKC expected to have fully converted the bank and its operating systems by the end of August. According to a release from IBKC, Florida Gulf Bank possessed consolidated assets of $375 million, $240 million in net loans, and $287 million in total deposits as of June 30. "We are delighted to welcome the shareholders, clients, and associ- ates of Florida Gulf to our com- pany, " said Daryl G. Byrd, president and CEO of IBKC and IberiaBank. real estate transaction data as of the end of the month, revealed that the HPI for the month was $202,000, a 0.9 percent month-over- month increase and a 3.2 percent increase from the start of the year. In addition, May's index repre- Arizona gained the most ground in May, with home prices jumping to $170,000 (a 1.7 percent rise from April). It was followed by Oregon, North Carolina, Massachusetts, Maryland, and Georgia. California posted the highest most posted month-over-month growth of around 1 percent. sented a 0.4 percent year-over-year increase. Of the country's 20 largest states, HPI in May, settling at $298,000— a 0.4 percent gain from April. Of the nation's 40 largest metros, SECONDARY MARKET ANALYTICS SERVICING ORIGINATION