Wells Fargo is one of three lenders accused of failing to maintain foreclosed homes in minority neighborhoods. The money will be used for housing programs in 45 communities.
Wells Fargo has agreed to pay $42 million to settle a complaint that it failed to maintain foreclosed homes in minority neighborhoods.
The bank did not admit any wrongdoing but agreed to spend $39 million on housing improvement efforts in 45 cities and $3 million toward legal fees and education as part of a settlement with the Department of Housing and Urban Development and the National Fair Housing Alliance. The alliance and affiliated local groups had filed a complaint with HUD alleging that the lender was violating the Fair Housing Act by failing to maintain homes in minority neighborhoods.
"We are thrilled to see Wells Fargo’s renewed efforts and leadership in this area," Shanna L. Smith, president and CEO of the housing alliance, said in a statement. "Many neighborhoods all across the country have been seriously damaged by REO homes left unattended. This partnership will help to get some of those neighborhoods back on their feet."
Country singer's circular, 14,795-square-foot home has a spectacular, curved infinity pool and a unique modern vibe. Asking price is $9.995 million.
Dallas isn’t known for its modern architecture, though it actually does have all kinds of modern homes, from midcentury modern to more recent contemporary designs.
One of the most unusual designs is a round home built in 2007 for country singer Darren Kozelsky and his wife, Amy. The 14,795-square-foot home sits on 1.77 acres in North Dallas.
The couple first offered the home for sale in January 2011, when Amy Kozelsky told Candace Evans of Candy’s Dirt that they were testing the waters. After two months, the price was dropped to $9.5 million, and in September 2011, the couple took the home off the market. Now, it’s back, with an asking price of $9.995 million.
Inventory fell 22.9% in the 38 cities tracked by Movoto, and asking price per square foot rose, too. But the number of homes for sale ticked up in five of those cities.
Another day, another story about the falling inventory of homes for sale.
What we are waiting for is evidence that more homes are coming to market. And that, like much of the housing recovery, is likely to start with a trickle.
There may be a little of that trickle here. Movoto has released its monthly State of the Market report for June, reminding us just how far inventory has fallen – and how much prices have risen. But five of the 38 cities included in that report showed more homes for sale in May 2013 than in May 2012.
New York attorney general accuses lender HSBC of violating state law and making it harder for borrowers to avoid foreclosure.
New York’s attorney general has sued HSBC Bank USA and HSBC Mortgage Corp., saying the lender is dragging out foreclosure cases in violation of state law, making it harder for homeowners to avoid foreclosure.
Because of the bank’s delay in scheduling a required settlement conference, homeowners rack up more penalties, fees and interest, making it harder for them to save their homes once the conference finally comes – months or years after the foreclosure suit was filed.
The U.S. government is offering the historic towers to preservation organizations. If no takers emerge, they are auctioned off to the public.
If you’re having trouble finding a home to buy, the U.S. government may have a deal for you.
The National Park Service recently announced plans to get rid of seven lighthouses, and several of the 11 properties that were offered last year are up for public auction.
The new offerings for 2013 include five facilities in Michigan, plus one each in Connecticut and Wisconsin.
New partnership aims to raze vacant and abandoned houses that are a magnet for crime. The city's population has fallen 25% since 2000.
If you looked at the numbers, you’d think Detroit was doing great. Housing prices are up about 25% since the bust.
But the problems that plagued Detroit before the housing crisis remain. One of those is acres of abandoned buildings.
Officials and business leaders have joined in a new project: They want to destroy large swaths of Detroit in order to save the city.
After shrinking for a few years, single-family houses are growing again, to 2,505 square feet in 2012. More homes have at least four bedrooms and three baths.
The average American home completed in 2012 grew 25 square feet, to 2,505 square feet, just 16 square feet shy of the high reached in 2007.
The average size of single-family homes has been growing steadily, rising from 1,660 square feet in 1973 to 2,521 in 2007 before falling slightly the next three years. The size began rising again in 2011.
Data compiled by the Census Bureau also found that 41% of the homes completed in 2012 had four or more bedrooms, the largest percentage recorded in the past 40 years. In 1973, only 23% of homes had four or more bedrooms – at a time when households were larger.
Lockboxes are one easy way to stash a key for yourself or visitors. Or you can put a key on a wind chime, inside a fake rock or in other places. Should you?
When I lived with a real-estate agent, I learned about a handy home gadget: a lockbox.
We used one to let contractors into vacant homes and one for the pet sitter while we were away. Having a spare key hidden outside my house proved invaluable when I looked myself outside in winter in my pajamas.
I am still looking for a good place to hide one at my condo complex.
About Teresa Mears
Teresa Mears is a veteran journalist who has been interested in houses since her father took her to tax auctions to carry the cash at age 10. A former editor of The Miami Herald's Home & Design section, she lives in South Florida where, in addition to writing about real estate, she publishes Miami on the Cheap to help her neighbors adjust to the loss of 60% of their property value.