Magazine

Isaak Khafizov, a former owner of American Home Recovery (AHR), a mortgage loan modification business in New York, was sentenced in Manhattan federal court to nine years in federal prison in connection with a mortgage modification scam that defrauded hundreds of homeowners and lenders.

Florida's housing market experienced higher median prices, more new listings, and fewer days on the market in February, according to the latest housing data released by Florida Realtors. A stable inventory helped close sales reach a statewide total of 15,826, a 1.5 percent increase of the previous year.

California single-family home and condominium sales fell 1.4 percent in February from January, and declined 16.1 percent from February, 2013. According to the Real Property Report from PropertyRadar, last month marked the lowest sales for the month of February since 2008.

Three nonprofit consumer groups filed suit against California Governor Jerry Brown at the end of last week, alleging the governor misdirected funds from the landmark $25 billion national servicing settlement with the nation’s largest banks.

The California Department of Business Oversight, along with 48 other states, reached a settlement with Ocwen Financial Corporation and Ocwen Loan Servicing, according to a press release issued by the department. The $2.1 billion settlement was in response to violations regarding mortgage servicing laws.

Florida is adding jobs at a pace well ahead of the nation, and one sector in particular is spurring the surprising rate of job growth—homebuilding. Florida's unemployment rate fell .2 percentage points in January to 6.1, according to a report from the Wells Fargo Economics Group.

Stewart Title announced Monday the first electronically closed FHA loan in partnership with Mountain America Credit Union. The companies joined to offer customers an eco-friendly and enhanced closing experience with eClosings.

A study by the Urban Institute calls for "expanding the credit box" in order to promote not only a housing recovery, but an overall economic recovery. The report estimated, "1.22 million fewer purchase mortgages were made in 2012 than would have been the case had credit availability remained at 2001 levels."

Sales of residential homes in the seven-county metro of Chicago followed a pattern similar to January: rising prices, but the pace of sales slow when compared to the same month last year. According to an analysis by RE/MAX, bitter weather and a small inventory of homes for sale were the primary factors causing reduced sales activity.

Single-family homes sales in Connecticut rose 2.0 percent in January, according to a new report from The Warren Group. The month-to-month gain in January marks the ninth consecutive month of home sale increases for the state.