Sens. Lisa Murkowski (R-AK), Scott Brown (R-MA) and Sherrod Brown (D-OH) have introduced legislation, The Prompt Notification of Short Sale Act, to improve the housing market by expediting the short sale process. The legislation addresses the lengthy closing process that often comes with a short sale by requiring banks to respond to prospective buyers within 75 days.Click to continue
Home values in the United States posted their largest quarterly decline since the first quarter of 2009, falling 2.6 percent as the temporary stimulus of the homebuyer tax credits wore off, according to Zillow's fourth quarter Real Estate Market Reports. The Zillow Home Value Index declined 5.9 percent year-over-year in the fourth quarter to $175,200. Home values have fallen 27 percent since they peaked in June 2006.Click to continue
The U.S. Department of Housing & Urban Development (HUD) and the State of Alaska’s Division of Insurance ( Alaska DOI ) have announced a legal settlement with Alyeska Title Guaranty Agency for alleged violations of the Real Estate Settlement Procedures Act (RESPA) and Alaska’s anti-rebating law. HUD and Alaska DOI claim Alyeska paid a sham employee for referring consumers to the title company. Under the terms of the settlement announced, the company agrees to cease the alleged sham employment arrangement and will pay up to $155,000 to the U.S.Click to continue
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