Friday, June 24, 2011

Housing News Digest, June 24

New state law bans private transfer fees on home sales
“The governor and legislature stood up for homeowners by protecting consumers from these predatory fees,” Tennessee Land Title Association President Mark Rosser said. “This bill is an important step in enhancing consumer protections, safeguarding the real estate market and protecting our property rights system in Tennessee.”

Tennessee joins Alabama, Arizona, Arkansas, California, Colorado, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Louisiana, Maine, Maryland, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Jersey, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, South Dakota, Texas, Utah, Virginia and Washington in restricting the fees.

With USDA Support, a Colorado Resident has a New Home
Owning a home in the same area where he built his business is a win-win for new homeowner Greg Kane. In early June 2011, Kane purchased his studio condominium at Riverbend, Colorado, through the help of US Bank Home Mortgage and the USDA Rural Development Guaranteed Rural Housing Loan Program. Homeownership was the right answer for Kane’s housing dilemma.

Market 'Snapshot' Reveals Decline in Strategic Defaults
The phenomenon of strategic default has become a growing concern for the industry, but a new “Market Insight Snapshot” released by Experian Thursday suggests the percentage of mortgage defaults involving borrowers who decided to simply throw in the towel is trending down.

FDIC calls Colorado bank ‘critically undercapitalized,’ orders capital boost
Federal regulators have ordered Castle Rock-based Colorado Capital Bank to boost its capital immediately, categorizing the bank as “critically undercapitalized,” according to a FDIC enforcement action made public on Friday.

Denver ranks high for rents
Metro Denver had the 55th-highest typical apartment rents in 2009 out of 385 U.S. markets, according to a new analysis of U.S. Census Bureau data. Among the 65 largest metro areas, Denver had the 23rd highest rents that year.