Real Estate News – January 4, 2012
Farmland values continue to soar in the Midwest, climbing 25 percent higher than a year ago, according to the Federal Reserve of Chicago. Rising prices in corn and other agriculture has sent land prices soaring (via REALTORMag):
As the foreclosure crisis continues, experts predict that nonprofit organizations will receive even more donated homes. Bank of America plans to increase its home donations to more than 1,200 in 2012 from 150 in 2011, and Wells Fargo donated over 1,120 homes last year (via REALTORMag): http://bit.ly/yduM5j
US Foreclosure Inventory Still Looms in 2012 (via Nuwireinvestor.com): http://bit.ly/xSKz5O
Flush with cash from an oil boom and plentiful jobs, North Dakotans are snapping up homes 1,500 miles away in balmy Arizona, where prices have plunged since the real estate bubble burst (via USAToday.com): http://usat.ly/scRJLx
JPMorgan Chase & Co has been sued for $95 million by the trustee for securities marketed in 2005 by the former Bear Stearns Cos over alleged misrepresentations regarding the underlying mortgage loans (via Reuters.com): http://reut.rs/xifVSl
Some housing commentators warn that the Federal Housing Administration is depleting its cash reserves due to a spike in delinquencies on older FHA-insured loans, and the agency may soon be calling on taxpayers for help (via REALTORMag): http://bit.ly/xZktRk
Natural disasters from tornados, hail, winds, and floods caused widespread damage throughout the country in 2011, and more home owners may soon see their homeowner’s insurance premiums rise because of it (via REALTORMag): http://bit.ly/w7hRXB