Real Estate News – July 22-23, 2011

Property taxes haven’t been raised fast enough by many local governments, who are now feeling the squeeze in their budgets. Property tax revenues have decreased for two consecutive quarters, which hasn’t happened since 1963, according to the Census Bureau (via REALTORMag):

Government Weighs Turning Foreclosures Into Rentals (via

A push by U.S. banks to win broad liability releases has become one of the main obstacles in talks to resolve a nationwide probe of mortgage-servicing and foreclosure practices, two people briefed on the matter said (via

Texas Man’s $16 Property Seizure Throws Obscure Law Into Spotlight (via

Cases of alleged real estate kickbacks raise questions about what’s allowed (via

Nationwide, the average origination and title fees on a $200,000 purchase mortgage totaled $4,070, according to Bankrate’s annual survey of closing costs. That’s an 8.8 percent jump compared to 2010 when the average closing costs totaled $3,741 (via