Given the American obsession with litigation, it’s somewhat amazing that legal experts could not recall a case of a home buyer who may have overpaid suing a real estate agent before Marty Ummel came along.
Legal and real estate experts say that Ummel and her husband, Vernon Ummel, should have done their homework better before purchasing their four-bedroom home in a luxury development outside of San Diego in 2005 for $1.2 million, a price that the Ummels say was as much as $175,000 more than what similar houses in the development sold for.
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Nineteen metropolitan areas are likely to notice a direct impact from an increase in conforming loan limits included in the proposed economic stimulus plan, according to a Washington-based policy research firm.
Seven of those areas are in California, six are in the greater New York area and two are in Massachusetts, according to Stanford Group Co. Others are in the greater Washington area, Boulder, Colo., the greater Miami area and the Seattle-Tacoma region.
The proposal, discussed by House Financial Services Committee Chairman Barney Frank (D-Mass.) this week, permits Fannie Mae and Freddie Mac to securitize mortgages up to 125% of the local median home price, according to the research firm. The limit is capped at $729,750.
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Federal mortgage fraud convictions have more than doubled in the past year, and the FBI expects a growth in foreclosure scams as the crisis over substandard, high-interest home loans escalates.
Foreclosure rates for these mortgages, known as subprime loans, are at historic highs, according to surveys by the Mortgage Bankers Association and government records.
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Prudential Real Estate Affiliates, Inc., a Prudential Financial (NYSE:PRU ) company, announced today that it will participate in Yahoo! Real Estate’s new, online property listings program. The agreement will enable Prudential Real Estate’s affiliate companies to market their full catalog of property listings on Yahoo! Real Estate, and to capitalize on leading interactive marketing services.
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GARDNERVILLE, Nev.–(BUSINESS WIRE)—-SearchOnTV, Inc. announces the premier of the first nationally televised “For Sale By Owner” show, “Search Homes On TV” to air each week on satellite and many local cable channels commencing on January 9, 2008. The show will feature homes available for immediate sale as offered by the home owner.
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