Home Prices Rise 0.6 Percent in July from June
Home Prices Rise 0.6 Percent in July from June
September 28, 2010, Associated Press
A national gauge of home prices ticked up in July for the fourth straight month, but many cities are bracing for declines in the year ahead. The price increases were fueled by now-expired homebuyer tax credits. With the peak buying season over, a record number of foreclosures, job concerns and weak demand from buyers are pushing prices down. The Standard & Poor's/Case-Shiller 20-city home price index released Tuesday increased 0.6 percent in July from June. The monthly changes are based on a three-month moving average for May, June and July.
Conn., Calif. Join Probe of Ally
September 28, 2010, Washington Post
Attorneys general in Connecticut and California ordered Ally Financial's GMAC mortgage unit to freeze all foreclosures within their borders, joining a growing list of states investigating whether the firm and other lenders improperly kicked people out of their homes. Illinois, Iowa, North Carolina and Texas have also opened investigations into Ally's lending practices as well as those at other large mortgage companies, officials said.
Fannie Mae Questioned Over Law Firms Under Investigation
September 27, 2010, Sun Sentinel
Congressional leaders — including two Florida representatives and House Financial Services Committee Chairman Barney Frank — are calling on Fannie Mae to explain why the government-owned mortgage giant is retaining the services of four Florida law firms under investigation for allegedly "fabricating or backdating" documents in foreclosure cases.