Real Estate News – September 29, 2011

In Oakland, California, city officials say they plan to stop placing prospective liens on properties that building inspectors deem “blighted.” The announcement comes shortly after a grand jury scolded the city about its practice of citing home owners for property blight (via REALTORMag):

For some reason, the government just can’t seem to figure out how to aid struggling homeowners. First, its Making Homes Affordable program — meant to prevent several million foreclosures — continues to struggle to reach even one million. Then, its long-awaited principal reduction effort was completely shunned by Fannie Mae and Freddie Mac, which significantly limited its potential effectiveness. Another mortgage-aid effort ends Friday, which intended to help 30,000 underemployed Americans avoid foreclosure. Instead, it may not reach even 15,000. What went wrong this time? (via

One in five homeowners whose mortgages were modified under a program aimed at reducing foreclosures defaulted again within a year after their payments were cut, the U.S. Comptroller of the Currency reported today (via

Thanks to foreclosure freeze, Florida courts are running out of cash (via

The Foreclosed Mansions Of The Formerly Wealthy (via

The real estate market has Hulk Hogan in a serious chokehold — because the Florida mansion he once listed for $25 MILLION … has now been reduced all the way to $8.87 million (via

Midwest Real Estate Data Launches Down Payment Assistance Program (via