Real Estate News – September 2-3, 2011

For sale or rent by distressed owner: 248,000 homes. That’s how many residential properties the U.S. government now has in its possession, the result of record numbers of people defaulting on government-backed mortgages. Washington is sitting on nearly a third of the nation’s 800,000 repossessed houses, making the U.S. taxpayer the largest owner of foreclosed properties (via

A San Diego attorney was convicted Thursday of attempting to break into his client’s foreclosed Newport Coast home (via

Mortgage Suits May Seal Obama’s Election Doom (via

Two former California radio hosts of a money matters show and another man face charges of real estate fraud for allegedly scamming listeners into dubious deals after encouraging them to attend investment seminars (via

Former Denver Broncos coach Josh McDaniels — the guy who drafted Tim Tebow last year and later  got fired — has taken ANOTHER major hit in Colorado … losing $500k on a bad real estate deal (via