Residential
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September 19, 2023
California Home Sales Decline As Prices Hit 15-Month High
Single-family home sales in California continued on a downward trajectory in August while the statewide median price of a standalone house rose to its highest level in 15 months, according to a California Association of Realtors report.
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September 18, 2023
Kan. Judge Rules City Can Place Limits On Roommates
A Kansas federal judge has determined that a property management firm and a resident don't have a constitutional claim in their challenge to a town's "co-living groups" ban, citing a U.S. Supreme Court ruling in her order that the plaintiffs' attorneys aim to fight on appeal.
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September 18, 2023
No Quick Fixes To Calif. Insurance Crisis, Experts Warn
Strengthening California's imperiled homeowners insurance market will require considerable political and regulatory changes, but in the wake of a legislative failure last week to pass a series of reforms, risk experts say that there are no quick fixes.
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September 18, 2023
Hasidic Jewish Couple Accuses HOA Of Religious Bias
Two Hasidic Jewish homeowners have filed a suit against a property owners' association in New York federal court, alleging a scheme to foreclose on their property in order to keep Jewish homeowners out of the neighborhood.
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September 18, 2023
Fed's Proposed CRA Updates Fall Short, Nonprofit Says
Changes to the Community Reinvestment Act pitched by the Federal Reserve and other government entities aren't likely to make up for the failings of the 45-year-old policy, which was designed to extend credit to low- and moderate-income families, a financial reform interest group said Monday.
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September 18, 2023
Re/Max Strikes Deal To End Missouri Antitrust Suit
A Missouri federal judge stayed all claims and proceedings against Re/Max now that the realtor company and a group of homeowners reached a settlement in a case over antitrust claims.
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September 18, 2023
Florida City Faces Another Suit Over Vacation Rental Law
The owners of two Florida Gulf Coast vacation rental properties allege that a local ordinance violates the Florida and U.S. Constitutions and thus is unenforceable, saying in a recent lawsuit the policy will constrain them from using their properties for investment purposes as intended by imposing strict penalties for noncompliance.
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September 18, 2023
Couple Can't Claim Theft Losses For Loans To Friend
A couple who loaned money for real estate investments to a friend later convicted of bank fraud cannot claim the loan amounts as theft losses triggering tax refunds, a South Carolina federal judge decided Monday.
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September 18, 2023
Lender Says Entities Owe $23M From Mobile Home Buy
Lender Northpoint Commercial Finance has moved in Georgia federal court to recover $23 million from a Florida company and its affiliates that it claims bought more than 600 manufactured homes with the loans before defaulting and letting many of the units fall into disrepair.
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September 18, 2023
REIT Wants $900K Judgment In Botched Water Valve Suit
A manufactured homes-focused real estate investment trust asked a Michigan federal judge to enter a judgment of more than $900,000 against a contractor for incorrectly installing water valves at several properties, after the contractor never responded to the lawsuit.
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September 18, 2023
10th Circ. Backs Gov't In 2018 Wyo. Wildfire Suit
The Tenth Circuit has thrown out a suit by survivors of the 2018 Roosevelt wildfire in Wyoming against the U.S. Forest Service, saying the government's decisions in how to address the fire were discretionary in nature and thus did not waive the government's immunity.
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September 18, 2023
Home Point Cuts $5M Deal With Investors Jilted After IPO
Home Point has agreed to pay $5 million to investors to resolve claims that the wholesale mortgage lender exaggerated its ability to keep its costs low ahead of going public in early 2021, according to a settlement agreement filed in Michigan federal court Friday.
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September 18, 2023
Ohio Justices OK Nix Of $2.3M Tax Ballot Question Over Error
The Ohio Supreme Court found that a school board failed to properly notify the public of the fiscal effects of a $2.3 million property tax levy it sought to place on the November ballot, affirming a county election board's decision not to certify the question.
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September 18, 2023
Ore. Tax Court Cuts Home Valuation For 1 Of 3 Years
An Oregon residential property was overvalued for three years by a local assessor, the state's tax court said, but it qualified for a reduction for only one year because the owner did not file appeals with a local board.
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September 15, 2023
Property Plays: Madison Capital, Platinum Equity, Barnett
Madison Capital reportedly hopes to subdivide a 30-acre California campus, Platinum Equity is said to be seeking to build 10 apartment units in Beverly Hills, and Gary Barnett has reportedly slashed the asking price of a Manhattan penthouse to $195 million.
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September 15, 2023
Loan Officer Drops Commission-Only Pay FLSA Suit
A former loan officer assistant asked a Texas federal judge to permanently toss her suit alleging that a commercial real estate loan company only paid her and other workers through commissions without wages or a salary, saying the request was timely as it came before the company could move for a quick win.
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September 15, 2023
State Farm Must Defend Ore. Landlord In Bias Suit, Judge Told
An Oregon company and its manager urged a federal court to find that State Farm Fire and Casualty Co. must defend them against claims of racial and gender discrimination in an underlying suit from the manager's tenants.
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September 15, 2023
A Few Surprises In State Of The Nation's Housing Update
Most of the trends Harvard University's Joint Center for Housing Studies identified in its annual report earlier this year have continued, but researchers spotted two notable exceptions on the homeownership side in the past few months.
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September 15, 2023
Flood Insurance Program's Delays Imperil Fish, Court Told
The Federal Emergency Management Agency is violating federal law by delaying implementing floodplain protections in Oregon in the National Flood Insurance Program, thus threatening protected species of orca, salmon and other fish, several environmental organizations told an Oregon federal court.
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September 15, 2023
California Legislature Targets Housing Obstruction
The California Legislature wrapped up a busy session late Thursday after passing a flurry of housing bills that will limit project opponents' ability to challenge developments. Here, Law360 Real Estate Authority breaks down the key pieces of legislation.
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September 15, 2023
Beverly Hills Appeals Ruling Over 'Deficient' Housing Plan
Beverly Hills is appealing a ruling by a California state judge that it advanced a deficient housing plan that included unrealistic plans to construct new mixed-use buildings that shirked the requirements of a state law.
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September 15, 2023
Ex-Exec Must Repay Tool Co. For Home Loan, NC Suit Says
Chinese tool manufacturer Positec Group Ltd. is suing its former U.S. president over money he allegedly borrowed from the company to buy a house in North Carolina, saying he never repaid the loan and is now wrongly claiming he's owed over $45 million after quitting.
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September 15, 2023
Chicago Mayor Pitches Real Estate Tax Hike To Raise $100M
Chicago's taxes on transfers of real estate worth $1 million or more would rise under a ballot initiative proposed by the mayor to raise $100 million annually for programs to fight homelessness.
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September 15, 2023
Nonprofit Says Insurer Denied Fire Payout Over Broker Error
A Hawaii-based nonprofit and property owner told an Illinois federal court its insurer wrongfully denied coverage for a burned-down apartment building as a result of an error by its insurance broker, saying the broker incorrectly listed the property as a single-family residence.
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September 15, 2023
Miami Developer Broke Condo Contract, Investor Says
A Miami businessperson claims real estate developer Rishi Kapoor approached him with an agreement to purchase a $2 million condominium only to keep his nearly $800,000 deposit and sell the condo to a third party.
Expert Analysis
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Ch. 13 Ruling Issues Warning To Mortgage Servicers
The Ninth Circuit Bankruptcy Appellate Panel’s recent ruling in Orlansky, which held that the mortgage servicer violated the automatic stay in its post-petition communication to debtors, suggests that circuit bankruptcy courts may more closely scrutinize how certain fees are presented in monthly statements, say Justin Paget and Jennifer Wuebker at Hunton.
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Using Synthetic Securitization In Residential Mortgage Loans
In light of a recent Federal Reserve report emphasizing the importance of maintaining sufficient capital positions, banking organizations should consider using synthetic securitization to help mitigate capital charge associated with residential mortgage loan portfolios, say attorneys at Mayer Brown.
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Tips For In-House Legal Leaders In A Challenging Economy
Amid today's economic and geopolitical uncertainty, in-house legal teams are running lean and facing increased scrutiny and unique issues, but can step up and find innovative ways to manage outcomes and capitalize on good business opportunities, says Tim Parilla at LinkSquares.
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How Cities Can Tackle Post-Pandemic Budgeting Dilemmas
Due to increasing office vacancies around the country, cities may consider politically unpopular actions to avoid bankruptcy, but they could also look to the capital markets to ride out the current real estate crisis and achieve debt service savings to help balance their budgets, say attorneys at Cadwalader.
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What Associates Need To Know Before Switching Law Firms
Excerpt from Practical Guidance
The days of staying at the same firm for the duration of one's career are mostly a thing of the past as lateral moves by lawyers are commonplace, but there are several obstacles that associates should consider before making a move, say attorneys at HWG.
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FHFA Plans Forecast The Year Ahead In Affordable Housing
This year attorneys in the affordable housing sector can expect to see developers utilizing the financing tools included in Freddie Mac and Fannie Mae's updated equitable housing finance plans, including various sponsor-elected programs and Freddie's forward commitment initiative, say Evan Blau and Beth Budnick at Cassin & Cassin.
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A Case For Sharing Mediation Statements With Counterparties
In light of a potential growing mediation trend of only submitting statements to the mediator, litigants should think critically about the pros and cons of exchanging statements with opposing parties as it could boost the chances of reaching a settlement, says Arthur Eidelhoch at Eidelhoch Mediation.
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How To Determine Best Format For Annual Building Meetings
As hundreds of New York City co-ops and condominiums conduct their annual meetings over the next few weeks, they should keep both legal and practical considerations in mind when deciding between virtual and in-person formats, says Robert Braverman at Braverman Greenspun.
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EB-5 Reform Continues To Weigh Heavily On Participants
Recent U.S. Citizenship and Immigration Services guidance helps clarify aspects of the 2022 EB-5 Reform and Integrity Act, which increased oversight of EB-5 regional centers, but does not end the industry's continuing state of uncertainty, says Robert Divine at Baker Donelson.
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Colo. Bankruptcy Ruling Clarifies Debt Collection Rules
The Colorado Supreme Court’s recent ruling in U.S. Bank v. Silvernagel provides necessary clarification on the state's debt collection statute of limitations commencement rules and gives lenders breathing room to pursue foreclosure after their borrowers receive a bankruptcy discharge, say Erin Edwards and Justin Balser at Troutman Pepper.
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Preparing For Legal Scrutiny Of Data Retention Policies
Two recent cases involving Google and Meta should serve as a call to action for companies to ensure their data retention policies are updated and properly implemented to the degree of being able to withstand judicial scrutiny, especially as more data is generated by emerging technologies, say Jack Kallus and Labeed Choudhry at Kaufman Dolowich.
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Echoes Of '80s Thrift Crisis Are Present In Today's Bank Woes
The current distress in the banking industry bears an uncanny resemblance to the thrift industry crisis of the 1980s, and while that collapse was a worst-case scenario, it provides lessons for understanding the fundamental economic forces at work today, says Alan Frankel at Coherent Economics.
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Attorneys Should Have An Ethical Duty To Advance DEI
National and state bar associations are encouraging attorneys to apply diversity, equity and inclusion practices in the legal profession and beyond, and these associations should take it one step further by formally recognizing ethical duties for attorneys to promote DEI, which could better the legal profession and society, says Elena Mitchell at Moore & Van Allen.