Rising prices are fueling the practice of house flipping, which have some worried about another inflated housing bubble. However, others argue that flippers have a positive impact on the market, creating beneficial transactions for agents and fixing homes in disrepair which increases the overall value of the neighborhood. In California, homes bought and resold within…
Good news agents, the number of prospective buyers signing contracts to buy previously owned homes increased last month to the highest level in three years, which is just one more sign that the housing market’s rebound is well under way. The National Association of Realtors said on Thursday that its seasonally adjusted index for pending…
One Californian and three Nevada residents have received felony indictments for their mortgage lending fraud scam. A 15 count indictment was returned by a grand jury on April 22, charging William Patterson, 51, of El Monte, Calif.; along with Las Vegas residents Lynda Finch-Estrada, 54, William Chrissikopoulos, 43, and Alan Dornhuber, 63. Operating under the…
“Honesty is the best policy – when there is money in it.” – Mark Twain Would you be surprised to learn that Fannie Mae employees are selling REOs listings to brokers for kickbacks? Investigators are examining whether soliciting illegal payments is a common practice at Fannie Mae’s Irvine, California office. Shouldn’t the office of Fannie…
Home prices are rising at levels not seen since the real estate boom, but American homeownership remains on the decline. The reason? Gains in pricing have been heavily driven by investors, leaving many potential buyers behind. Prices are rising because of strong demand, lack of supply, and a sharp recovery in the hardest-hit markets. Additionally,…
This just in… Goldman Sachs and Morgan Stanley announced they will be sending $247 million in payments to a quarter-million people. Sounds like 250,000 people will be getting almost a $1,000 apiece as an, “I’m sorry” for their foreclosed home. These two Wall Street powerhouses are the last of the 13 mortgage servicers to begin…
