House Flippers to Blame for Housing Downturn?

Javion : January 16, 2011 9:52 am : Recent

House flippers made up of investors who bought up homes during the housing boom, possibly made a few upgrades to the home, and quickly resold the homes  for high-dollar profit played a larger role in causing the housing bubble than previously thought, according to a new federal report out by the Federal Reserve Bank of New York. The impact that speculative real estate investors played in driving the housing downturn has mostly been overlooked until now, the researchers note.

“This may have allowed the bubble to inflate further, which caused millions of owner-occupants to pay more if they wanted to buy a home for their family,” researchers note in the report.

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FHFA Sues Chicago Over Vacant Home Upkeep Law

Javion : January 16, 2011 9:52 am : Recent

In Chicago, lenders are required to maintain vacant homes in foreclosure, such as by keeping lawns mowed and tidy and attending to maintenance  issues inside. Lenders found in violation can face daily fines up to $1,000. But the Federal Housing Finance Agency (FHFA) is suing the city of Chicago for its new ordinance, saying the city is overstepping its authority with the mandate.

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