Real Estate News – July 4-5, 2011

N.J. Legislature bill would regulate foreclosure rescue fraud, offer relief to distressed homeowners (via

As millions of Americans struggle in foreclosure with little hope of relief, big banks are going to borrowers who are not even in default and cutting their debt or easing the mortgage terms, sometimes with no questions asked (via

Reverse mortgage defaults threaten seniors (via

Foreclosure overhaul leads to Hawaii housing glut (via

HUD to give away $1 billion to struggling homeowners (via

The home rental market is growing at a powerful rate. The 2011 State of the Nation’s Housing report by the Joint Center for Housing Studies of Harvard University attributes the booming rental market to a combination of factors, including a troubled homeowner market, unemployment and demographic shifts. Compared to the nearly flat homeowner household growth rate, the renter household rate grew by approximately 1.5 million in the past two years alone, bringing the current number of renter households to 39 million (via

Democrats fault Obama on housing (via

Veteran Wins Battle to Keep Flagpole, But at a Price (via

The practice of real estate professionals earning a fee for promoting home warranty policies has come under increased scrutiny (via REALTORMag):

Tucson Man Arrested for Bankruptcy Fraud in Alleged Foreclosure Rescue Scheme (via

The technology industry offers tales of woe: jobs aplenty in hot spots like Silicon Valley, but candidates across the country who, anchored by houses that have dropped in value, can’t move to fill them. And yet a new study tells a different story. According to a yet-to-be-published paper from Freddie Mac, owning an underwater property—or owing more on a mortgage than the home is worth—is not keeping job seekers from relocating for jobs (via