Real Estate News – May 15, 2012

A judge has decided that an 8-year-old girl can stay with her grandparents in their Clearwater senior community (via

Residential Capital, or ResCap, filed for Chapter 11 bankruptcy protection in New York on Monday, unable to make payments on debt taken out to finance soured home mortgages. The filing will separate the money-losing ResCap subsidiary from Ally’s auto loan and banking businesses, allowing them to grow and speed up repayment of Ally’s bailout from 2008 and 2009, Ally said in a statement (via

Report: Housing Market Recovery Has Officially Begun (via

JPMorgan Allegedly Forecloses On Home Two Months After Its Purchase (via

A fight between a Northern Virginia winery and a local homeowners association has ended with the state’s highest court overturning a ruling that had effectively shut down a Fauquier County winery’s tasting room last summer (via

A lawsuit currently in the Florida Supreme Court has the potential to undo “hundreds of thousands of foreclosures and open up U.S. banks to severe financial liabilities in the state” (via REALTORMag):

Mississippi Couple Rehabs Wrong Foreclosed House (via