Real Estate News – May 5, 2012

A U.S. judge has rejected UBS AG’s bid to dismiss a federal regulator’s lawsuit accusing it of misleading Fannie Mae and Freddie Mac into buying billions of dollars of risky mortgage debt (via

An Austin, Texas, man was sentenced Thursday in the Western District of Texas to 61 months in prison and was ordered to forfeit $84,010 for his role in operating a foreclosure-rescue scam in Southern California and elsewhere that charged distressed homeowners fees in exchange for fraudulently delaying foreclosure sales (via

Largest Mortgage Lender Takes Bigger Bite of Market Share (via REALTORMag):

Mortgage workouts at Freddie Mac dropped to 14,000 in the first quarter from 35,000 a year ago and 50,000 in mid-2010. The change is attributed to a decrease in seriously delinquent loans to $72.8 billion in the first quarter from $82.1 billion a year earlier and to the transition of borrowers ineligible for HAMP to the new Standard Modification program (via REALTORMag):

Three lawyers—one dead, one disbarred and one reportedly still in practice—are among 14 new defendants charged in a major, ongoing federal investigation of alleged corruption in Las Vegas homeowner associations (via

A “major portion” of small commercial-property deals in the U.S. have fallen through because of stricter lending standards, according to a National Association of Realtors survey (via

New housing data shows some signs that the real estate market has finally bottomed out. With current mortgage rates already near all-time lows and the government tapped out, this would be welcome news. But the question is: Will this prove to be the true turning point for housing — or another false bottom leading to further depths? (via

10 Cities Offering The Best Deals On Foreclosed Homes (via

Renters of a California condo say they got a rude awakening when a group of guards hired by their homeowners association allegedly used Taser guns to evict them from a house they didn’t know had been foreclosed on (via

Self-storage companies, which rent units to small businesses and consumers under names such as “Uncle Bob’s Self Storage,” produced the best risk-adjusted return among 10 U.S. real estate investment trust indexes in the past decade, according to the BLOOMBERG RISKLESS RETURN RANKING (via

Is Gen Y’s Live-At-Home Lifestyle Killing The Housing Market? (via

Minnesota foreclosures lowest since 2007 (via StarTribune):