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The New York Court of Appeals ruled May 7 that Goldman Sachs must face a lawsuit by ACA Financial Guaranty Corp. over allegations that it lied about a pool of securities backed by subprime mortgages in advance of the financial crisis, Reuters reported.
The Appraisal Institute conducted its annual membership meeting May 7 in Chicago.
The Appraisal Institute Board of Directors passed four 45-Day Notice items at its May 7-8 meeting in Chicago, including adding a comprehensive examination requirement for the SRA designation, applicable to residential Candidates admitted or readmitted on or after Jan. 1, 2016.
James L. Murrett, MAI, SRA, was nominated for 2016 Appraisal Institute vice president by the AI National Nominating Committee at its May 6 meeting in Chicago.
The industrial area surrounding Chicago O’Hare International Airport was ranked best for commercial property investment, according to real estate services firm Jones Lang LaSalle, MBA NewsLink reported May 7. Growth in global air freight has led to higher rents and lower vacancies for commercial space near major U.S. airports.
Commercial and multifamily mortgage originations increased 49 percent compared to one year ago, MBA NewsLink reported May 7. Despite that year-over-year increase, first-quarter 2015 originations were down 26 percent compared to the fourth quarter 2014.
The Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, said it will allow the government-sponsored enterprises to increase their financing of multifamily mortgages as they near lending caps, Bloomberg reported May 7.
Average fixed mortgage rates during the past week rose to their highest levels since mid-March, Freddie Mac reported May 7 in its Primary Mortgage Market Survey.
Flipped homes made up 4 percent of all single-family home sales in the first quarter, with an average gross profit of more than $72,000, according to the Q1 2015 U.S. Home Flipping Report, released May 7 by data firm RealtyTrac.
New Jersey homeowners pay the highest annual property taxes, with the state collecting more than $8,100 for the average single-family residence, according to a May 5 report released by data firm RealtyTrac. California tops the list in total tax collection, followed by Texas and New York.
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