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The estimated value for the 1.89 billion acres of land that comprise the 48 contiguous states and the District of Columbia is $22.98 trillion, according to U.S. government economist William Larson, The Wall Street Journal reported April 22.
The U.S. Department of the Treasury responded to questions from Sen. Charles Grassley, R-Iowa, about the $187.5 billion taxpayer bailout of Fannie Mae and Freddie Mac in 2008 by reporting it wasn’t a loan but an investment on which taxpayers are now being compensated, The Wall Street Journal reported April 21.
The U.S. Department of Justice filed suit against Quicken Loans alleging it improperly originated and underwrote loans insured by the Federal Housing Administration from September 2007 to December 2011, HousingWire reported April 23.
General Electric, which already is in talks to sell its real estate portfolio, is reported to be close to a deal to sell its U.S. commercial lending and leasing portfolio to Wells Fargo for $74 billion, Reuters reported April 20.
A fourth consecutive year of drought is taking a toll on much of the Western United States, particularly California, where 93.4 percent of the state is under “severe drought,” and the potential ramifications for farm land and home construction is significant, 24/7 Wall St. reported April 22.
Philadelphia topped the list of cities with the highest percentage of green homes sold between March 2014 and March 2015, according to data released April 21 by real estate data firm Redfin. The report also found most homes with green features had a median sale price $52,500 higher than other homes.
Corporate landlords of single-family home portfolios plan to raise rents as much as 5.7 percent by the end of the year, seeking to profit from the increased demand for rental homes, Bloomberg reported April 21.
The share of seriously underwater homes increased for the first time since 2012, and now represents 13.2 percent of all homes with a mortgage, according to the U.S. Home Equity & Underwater Report released April 25 by real estate data firm RealtyTrac.
Averaged fixed mortgage rates showed a slight drop during the past week but remained near yearly lows, Freddie Mac reported April 23 in its Primary Mortgage Market Survey.
The Fed’s talk of increased interest rates could lead real estate investment trusts to boost profits by increasing rents on properties in their portfolios, The Associated Press reported April 16. However, doing so could be counterproductive since investors typically sell REITs when rates head higher.
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