Real Estate News – July 25-26, 2011

More and more investors are pulling money out of retirement and saving accounts to use their own money to make mortgage loans to home buyers who banks reject. These hard-money lenders charge borrowers higher interest rates, but are becoming an answer for some home buyers who can’t get approved for a loan otherwise due to tighter credit restrictions (via REALTORMag):

The Nevada Supreme Court altered the foreclosure mediation landscape in dramatic fashion earlier this month when, in two separate cases, justices made it clear lenders must follow two simple rules — bring all relevant documents to the table and make sure someone with loan modification authorization is readily available (via

Short sales, long waits: Buyers and sellers find process frustrating (via

According to a three-year study, the size of the nation’s flood plains is expected to rise between 40 percent to 45 percent over the next 90 years, signifying a large impact on the National Flood Insurance Program (NFIP) (via REALTORMag):

Home building likely won’t return to normal levels until 2014, and then only if housing prices rebound and foreclosures drop sharply, research from the San Francisco Federal Reserve Bank showed (via

Affordable housing developer MSP Real Estate Inc. has settled its lawsuit against New Berlin, Wisconsin after city officials agreed to approve the company’s long-contested senior housing development on Deer Creek Parkway (via

An Edina mortgage broker was charged Friday for his role in a $20 million mortgage fraud scheme that involved 57 properties (via

A Louisiana couple says they’re being sued by their homeowners’ association for refusing to take down a sign honoring their son’s military service (via

Will Post Office Closings Impact the Commercial Real Estate Scene? (via

Delaware Attorney General Said to Probe Mortgage Database MERS (via

Mortgage REITs have come under pressure in the past few days as they suffer collateral damage, so to speak, from the potential downgrade of U.S. government debt (via

Posted in Blog, Real Estate Law