2013 Virginia Housing Market

Slow, steady housing market improvement across Virginia will continue through 2013 and 2014, according to experts. In a recent press release, the National Association of Homebuilders' David Crowe said "home price trends continue to increase, which is good news. However, given how far the prices fell during the Great Recession it will still take some years to fully recover. In a sign that the building economy is coming back, new housing starts … [Read more...]

Four States with Appreciation in Housing Markets

Now There Are Only 4 Real Estate has changed. Only four states remain with enough local housing market appreciation to stay on the Housing Predictor appreciation list for the remainder of 2007. The over-whelming majority of housing markets have deflated throughout the nation. Just four states have regionally vibrant economies enough to be strong enough to weather the nation’s mortgage crisis storm without substantial damage. At the height … [Read more...]

Formal Foreclosures Fall 21 Straight Months

By Mike Colpitts Formal foreclosures fell for the 21st straight month in July as repossessions on U.S. residential properties ran into additional snags. Lenders completed 53,654 foreclosures during the month, a 1% fall from June and a 21% drop from a year ago, according to RealtyTrac. Bank owned REO activity also fell on an annualized basis in 38 states and the District of Columbia. Some of the biggest drops in foreclosed property sales … [Read more...]

Mortgage Company CFO Sentenced to 5 Years

By Ryan Jackson The former chief financial officer of one of the nation’s largest mortgage companies, Taylor, Bean and Whitaker, was sentenced to five years in federal prison for his role in a $2.9 billion fraud scheme that led to the failure of the company, and cost hundreds of investors millions of dollars. Delton de Armas, 41, was sentenced by a federal judge in Virginia to the term after pleading guilty to one count of conspiracy to … [Read more...]

Chinese Drywall Damage Tops 100,000 Homes

By Mike Colpitts Attorneys are working on a class action settlement with the makers of Chinese drywall that has damaged or destroyed more than 100,000 U.S. homes. But the drywall, which has been used in the construction of homes since as early as 2001 may soon be outlawed in the U.S. Homeowners in at least six states, including Texas, Florida and Louisiana have lodged lawsuits against the Chinese maker in efforts to pay for massive damages … [Read more...]

2012 Virginia Housing Market

What seemed like rock bottom home prices Virginia homes were getting are projected to slip further as the region encounters greater economic turmoil recovering from the real estate collapse. The housing market in most of Virginia seemed as though it was on the mend, but an uptick in foreclosures is troubling the region and sending prices on homes lower, despite a surge of federal employees from the nation's capital buying homes. Home sales in … [Read more...]

Real Estate Broker Pleads Guilty in Straw Buyer Scheme

By Mike Colpitts A former real estate broker pled guilty to fraud charges in relationship to a mortgage scheme that involved more than $12 million in mortgages, straw borrowers that operated over a course of seven years and real estate investors. The plea was entered after federal prosecutors worked out a deal with Alexander O. Matthews, whose real estate license was revoked in the state of Virginia in 2007. Matthews, 46, of Dunn Loring, … [Read more...]

Banker Sentenced to 30 Years in Federal Prison

By Mike Colpitts The former owner of one of the largest privately held U.S. mortgage lending companies and Colonial Bank was sentenced to 30 years in federal prison and ordered to forfeit $38.5 million for his part in a massive $2.9 billion fraud scheme that drove his bank and mortgage company into failure. Lee B. Farkas, 58, the former chairman of Taylor, Bean & Whitaker was convicted for being the master-mind in a criminal conspiracy … [Read more...]

Manic Positive Side of Housing Mess

By Kevin Chiu In what seems like the manic side of the housing mess, young couples are sometimes finding themselves as the lucky beneficiaries of the foreclosure crisis. Take Adam and Lindsey Blackmon of Newport News, Virginia for example. The couple wasn’t even shopping for a home when they couldn’t help but notice a two-year old, 3,900 square foot, six bedroom listed for sale just two blocks from their home. The home features a hot tub … [Read more...]

Mortgage Company Executives Sentenced to Prison

By Kevin Chiu Two former mortgage company executives have been sentenced to federal prison for their roles in a fraud scheme involving more than $2.9 billion that contributed to the failures of their company and Colonial Bank. Desiree Brown, the former treasurer of Taylor, Bean and Whitaker was sentenced to six years in prison for her part in the scheme. Raymond Bowman, the mortgage company’s ex-president was sentenced to 30 months behind … [Read more...]