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After being known as one of the hardest-hit cities, Phoenix has been gaining recognition for its rapidly rising prices. DataQuick reported the median sale price of a home in the Phoenix metro area in June rose for the seventh month in a row to $152,000, the highest level since late 2008. One of the reasons for the upswing in prices is the decline in foreclosure resales, according to DataQuick. Foreclosure resales fell to 21.2 percent of the resale market in June. The figure is the lowest level since January 2008, when foreclosure resales accounted for 18.6 percent of the resale market.

Two New York attorneys were convicted of 10 felony counts for their roles in a $25 million mortgage fraud scheme, the U.S. Attorney's Office for the Eastern District of New York announced in a statement Monday. Matthew Burstein, 40, and Aaron Rabinowitz, 40, of the law firm Burstein & Rabinowitz were allegedly involved in a scheme that resulted in over $25 million in fraudulently-obtained loans from Countrywide Financial, Fremont Investment and Loan, IndyMac Bank, Sun Trust Mortgage, Inc., Wells Fargo & Company, and New Century Mortgage Corporation. The defendants could face up to 30 years in prison.

Higher asking prices drove off foreign homebuyers and investors over the last year, with real estate firm citing a 10 percent decline in foreign interest for the U.S. housing market. The housing bust attracted a number of foreign and cash buyers interested in low prices and the safe haven of U.S. real estate investment. The decline in overseas buyer and investor activity ran steep year-over-year.

While younger folks are oftentimes viewed as being more prone to taking risks than more elderly people, a study found that this idea doesn’t ring true when it comes to buying a home during an economic downturn. The study was authored by economists from the Federal Reserve Bank of Boston, Anat Bracha and Julian C. Jamison, and examined how the recession affected attitudes toward homeownership. The study found that people who lived in hardest-hit ZIP codes in 2008 were significantly more likely to be confident about owning a home if they are older (over 58), but are significantly less likely to be confident about owning a home if they are younger.

As global investor activity picked up in the second quarter, a number of U.S. cities saw more than half a billion dollars each in foreign real estate investment. Jones Lang LaSalle revealed in its most recent Global Capital Flows Report that global transactional volumes rose to $108 billion in Q2 2012, up 24 percent from a worrying dip in activity in Q1. The Americas posted the most activity, contributing $47 billion to the second quarter's overall total.

Long & Foster Real Estate, Inc., announced Thursday that the company now has ""quick response"" (QR) codes available for each of its listings, agents, and managers.

The nation’s homeownership rate rose to 65.5 percent in the second quarter, the Census Bureau reported Friday. The Census Bureau though revised downward the homeownership rate for the first quarter to 65.4 percent (from the originally reported 65.5 percent), the lowest since the first quarter of 1997 when the rate was also 65.4 percent. The Census Bureau also reported the homeowner vacancy rate fell to 2.1 percent nationwide, down from 2.2 percent in the first quarter and 2.5 percent one year ago. The homeowner vacancy rate is at its lowest level since the first quarter of 2006.

The U.S. economy grew at a disappointing 1.5 percent in the second quarter, the Bureau of Economic Analysis reported Friday, down from an upwardly revised 2.0 percent growth rate in the first quarter but better than expected. The growth pace is below the 3.0 percent level needed to add jobs to make a dent in the nation’s unemployment rate. Indeed the GDP report covered the same quarter which saw the weakest job growth – 225,000 jobs – since the third quarter of 2010 when the economy grew at a relatively robust 2.5 percent.

Capital One agreed to pay approximately $12 million to settle a lawsuit alleging the bank did not uphold certain protections in the Servicemembers Civil Relief Act (SCRA), the Justice Department announced Thursday.

Nearly three-quarters of economists surveyed said they would continue making their mortgage payments even if they were deeply underwater, Zillow reported Thursday. In Zillow's Home Price Expectation survey for June, 71 percent of economists said they would not choose strategic default, even if they owed at least 40 percent more on their mortgage compared to the home's current value. The industry experts were also questioned on their position concerning a government-sponsored program to forgive principal for underwater homeowners. Seventy-two percent said they opposed a principal reduction program, while 28 percent were in favor of one.