© 2010 A/P  Wyoming has an unusual problem among the states in the Colorado River system: lots of water and, other than supporting some fine trout fishing, no way to put a significant amount of it to use. Yet increasing demand for water in the upper Colorado River basin, combined with new government predictions that climate change could reduce future water supplies, are ratcheting up concerns in Wyoming about how to preserve the state's share for the day when it's needed. Read more. ...
More >>

Private equity, real estate and hedge fund managers are increasingly resigned to a tax increase on their profits as U.S. lawmakers get set to vote next week on a long-delayed measure. Read more. ...
More >>

The default rate for commercial mortgages held by banks in the first quarter hit its highest level since at least 1992 and is expected to surpass that by year-end and peak in 2011, according to a study by Real Capital Analytics. That could spell prolonged problems for larger banks and even greater trouble for regional and small banks where commercial real estate loans comprise a greater percentage of all loans. The default rate for bank-held commercial mortgages reached 4.17 percent in the first quarter, up from 3.83 percent in the fourth quarter 2009, according to a report released on Monday by the real estate research firm. More >>

©2010 Washington TimesByline: James W. Ely Jr.  In seeking a replacement for retiring Supreme Court Justice John Paul Stevens, President Obama indicated that he wanted to name someone in the Stevens mold. Among the qualities of Justice Stevens that Mr. Obama hoped to find in a successor, the president noted "a keen understanding of how the law affects the daily lives of the American people."   However, in at least one important area of constitutional law - the rights of property owners - Justice Stevens' record fell woefully short of protecting the interests of average citizens. In fact, Justice Stevens consistently dismissed property rights claims ...
More >>

©2010 Bloomberg Business WeekByline: Jody Shenn and John GittelsohnLoans guaranteed by the Federal Housing Administration, the U.S.-owned mortgage insurer, may be involved in more home-purchase transactions than borrowing financed by Fannie Mae and Freddie Mac.  FHA lending last quarter may have topped the combined volume of government-supported Fannie Mae and Freddie Mac in a home-lending market that’s still a “government-financed market,” David Stevens, the agency’s head, said today at a conference in New York, citing research by consultant Potomac Partners. “This is a market purely on life support, sustained by the federal government,” he ...
More >>

The Bureau of Land Management has announced fire restrictions on 2.5 million acres of public lands along the Colorado River in Arizona and California.  Effective today, fire and smoking restrictions will be enforced on all public lands within the BLM Yuma and Lake Havasu Field Office jurisdictions. Currently there are no plans to close any areas along the Colorado River area to public use.  The fire restrictions prohibit open campfires, charcoal grills, and stove fires.  Campfires and charcoal grills are only permitted in developed recreation sites. Smoking is restricted to enclosed buildings, within a vehicle and on a paved or surface road and within a developed recreati ...
More >>

The Minnesota Association of REALTORS and other leading real estate groups are calling on Governor Tim Pawlenty to sign the Transfer Fee Covenant Act that would ban so called “private covenant transfer fees” in home-purchase contracts.  Supporters say the legislation is a pre-emptive strike against a new rash of private covenant transfer fees popping up in real estate sales in Texas, California, Ohio and South Dakota. Under the private transfer fee practice, the seller or buyer of the property is contractually required to pay a fee 1 percent of the price of a home to the original corporate owner (E.g., the developer) of a property before the land can be legally transfer ...
More >>

If you have moved, changed your name or changed your political party, please be sure to update your voter registration. The deadline for voter registration for this fall's primary election is July 26 at Midnight. You can reigster to vote or make changes to your voter registration online at Service Arizona. ...
More >>

An Ohio federal court has considered a buyer’s argument that a real estate firm violated the Real Estate Settlement Procedures Act (“RESPA”) by allegedly requiring a buyer to use an affiliated business for settlement services.   Sean McCullough (“Buyer”) retained Howard Hanna Company (“Brokerage”) to assist him with the purchase of a home. The Buyer purchased a home, and the settlement services for the transaction were provided by Barristers of Ohio, LLC (“Barristers”), which was owned by the same company that owned the Brokerage. The pre-printed sales contract provided by the Brokerage to the Buyer required the use of Barristers for ...
More >>

On April 30, 2010, Fannie Mae released Announcement SEL-2010-06 to tighten underwriting for certain types of mortgages. To further limit payment shock for a borrower with an adjustable rate mortgage (ARM) that adjusts during the first five years of the loan, borrowers must be qualified at the higher of the note rate plus 2%, or the fully indexed rate. Interest-only mortgages are being restricted so they remain as a financial management tool, but are not available to make a mortgage affordable. Interest-only mortgages will no longer be available for cash-out refinances, Flexible mortgages, MyCommunityMortgage® loans, investment properties, or two- to four-unit properties. The minimum cred ...
More >>