This week we’ve seen lots of real estate news from a law suit aimed at major financial institution to the decrease in inventory across the nation, especially lower priced homes. Here are the headlines in real estate you may have missed this week:
End is nigh for certain tax exemptions (via The New York Times)
Currently, any debt forgiven by a lender in a short sale, loan modification, or foreclosure is
exempt from federal taxation. However, that exemption is scheduled to expire Jan. 1, 2013. Read Full Story
Wells Fargo faces suit over FHA loans (via San Francisco Chronicle)
Federal prosecutors have filed a civil fraud suit charging Wells Fargo with “more than 10 years
of misconduct” in connection with a mortgage-lending program administered by the Federal
Housing Administration. Read Full Story
Restructured HARP helping more underwater homeowners to refinance (via Sacramento Bee)
A reworked federal effort called the Home Affordable Refinance Program, or HARP, is helping
thousands more refinance, even if they’re deeply underwater on their mortgages.
New-home sales hit 2-year high (via CNNMoney)
New homes sold at an annual rate of 389,000 in September, according to the Census Bureau,
up 5.7 percent from the 368,000 sales pace in August. Read Full Story
Number of low-price homes plummets in state (via The Los Angeles Times)
Competition for lower-priced homes in California is so hot that the number of cheaper homes
available for sale has sunk more than 40 percent in the last year, pushing out many would-be
buyers. Read Full Story
V.A. loans surge in fiscal year (via The New York Times)
Mortgages guaranteed by the Dept. of Veterans Affairs surged by 50 percent in the fiscal year
ended Sept. 30, as tighter credit standards on conventional financing made these programs all
the more attractive to current and former military members. Read Full Story
Freddie Mac warns of bogus landlords renting out foreclosed homes (via The Los Angeles Times)
Freddie Mac is warning about a troubling wave of post-crash fraud: Scammers who illegally rent out foreclosed and for-sale homes to unsuspecting consumers. Read Full Story
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