Upside down: Homeowners share lessons in foreclosure
A housing market slowdown, coupled with a credit crunch, have put the brakes on home sales in some market areas, which has led to an increase in foreclosures nationwide. Data company RealtyTrac reported this month that U.S. foreclosure activity grew 93.4 percent in July compared to the same month last year, to a rate of one foreclosure filing for every 693 households.

Hackett quits Legislature in wake of corruption charges
One day after being arrested in a federal corruption sting and hours after the state's top Democratic leaders called for him to step down, State Assemblyman Mims Hackett Jr. said he will give up his legislative post immediately...Hackett and Steele were arrested Thursday along with nine other officials at various levels of government on charges of taking bribes for public contracts. Corzine said they should all resign from all public offices.

Countrywide to Cut Up to 12,000 Jobs
Struggling mortgage lender Countrywide Financial Corp. will cut as many as 12,000 jobs in a bid to slash costs and cope with soaring foreclosures and defaults, the company said Friday. Countrywide has been struggling as the housing slump led to a sharp rise in mortgage defaults and foreclosures, particularly among borrowers with subprime loans.

Bomb jitters spur visits to attorneys
The first of what's expected to be many lawsuits was filed in Orange County Court on Wednesday against Lennar Homes, one of several companies that built some houses atop part of a forgotten Army bombing range. Lawyers have been circling since the Army Corps of Engineers announced in July that at least two live World War II-era bombs were found on ranchland behind Odyssey Middle School, down the street from Viera's new home. The Corps also announced that the school and part of the 950-acre Vista Lakes community were built atop the western fringe of the range used in the late 1940s to train bombardiers.

More on the Arbitration Fairness Act of 2007
People Over Profits has an email campaign but it also helps to contact your Congressional rep directly. A letter of phone call also works wonders.  How important is this bill? There is no bill pending in Congress that scares Corporate America more than this one. There is no bill pending in Congress that could more help the American people than this one.

House Bill 1038 by Representative Allan Ritter
House Bill 1038 gives the Texas Residential Construction Commission some enforcement authority and expands the list of violations for which builders may be disciplined.  Additionally, it prohibits building industry lobbyists from serving as TRCC commissioners.  This is a marginal improvement; however, much more needs to be done to ensure that homeowners have the ability to hold a bad builder fully accountable.

Beazer Home forced to sell Homes at Aucton
Hard times for Beazer has homeowners angry.  An auction of foreclosed Beazer homes may offer insight into the state of the housing market, reports CNBC's Jane Wells. One Beazer home sold for $303,000.   The auction infuriates homeowner Virginia Licitra who bought her Beazer home for $455,000 just a year ago. See CNBC News report

The New Money Pit
Now, what started with the subprime-mortgage mess and subsequent credit crunch are turning communities like Black Mountain Vista into luxury ghost towns. Buyers who got in over their heads are being forced to abandon their homes, leaving behind empty McMansions on the California coast and see-through condominium towers on Miami Beach. Real estate is turning into a money pit, sapping the fortunes of home buyers, hedge-fund managers and house painters alike. The really bad news?  This is only the beginning...First, dozens of subprime lenders were forced to close their doors. Then in July the nation's largest mortgage lender, Countrywide Financial, reported that mortgages held by borrowers with better credit were starting to curdle. Nearly 180,000 homes fell into foreclosure in July, up 93 percent from a year ago.

More cutbacks for Lennar
Lennar Corp., the big Miami home builder that reported a $255 million loss in the most recent quarter, has trimmed more than 60 additional positions from its Southwest Florida division, bringing it to its pre-housing-boom levels, an executive said. The cuts this week included Rob Allegra, the division president of Lennar Sarasota/Manatee, who has been the face of the home builder locally for more than a decade.

County administrator acts quickly on trusses
I would like to thank Beaufort County administrator Gary Kubic for his quick and decisive work on the roof truss problems in Sun City Hilton Head. From the first call I made to him and through the repairs he required Pulte Homes to make to my home and several of my neighbors, he made himself accessible at all times. As for those who think that there are enough inspectors to check every single home before a certificate of occupancy is issued, you are living in a fantasy world. It's like expecting a police officer to be there the moment a crime occurs. It's not going to happen.

Questions continue on truss inspections
When will the systemic failure be addressed that allowed houses with previously noted deficiencies to be granted occupancy permits without those deficiencies being corrected? When will the systemic failure that allowed Pulte Homes to stop installing hurricane clips on valley truss connections in Sun City houses be addressed?  Why is Beaufort County's building code enforcement office seemingly unaware hurricane clips have been an industry standard since the mid-1960s and that the industry has determined toe-nailed connections should not be used in a hurricane-prone area?

Live in Sun City Hilton Head? Read this for a roof inspection update
Inspectors have ordered roof repairs in hundreds of Sun City Hilton Head homes, and some are set to receive a second round of repairs, according to an official with Pulte Homes, the developer of Sun City. Building inspectors have reviewed more than 1,270 attics since Beaufort County launched an investigation earlier this summer to check whether roof trusses in 2,600 homes were installed properly.

Stewart Title Reaches $1 Million Settlement On Kickback Charges
California Department of Insurance said yesterday that it had reached a $1 million settlement agreement with Stewart Title Guaranty Company over a $46 million lawsuit targeting captive reinsurance agreements that the regulator characterized as "illegal and unfair." The CDI had charged that Stewart "€” along with other major title insurance operations "€” paid a portion of the title insurance premium collected to builders, lenders, and title agents in return for the referral of business.

State Finishes Investigation on Builder and Homes With Major Flaws
There's a back wall hanging over its slab by more than two inches. Threaded rods that should be hidden in the foundation are exposed.  When concrete from the slab was tested, it failed two of the three pressure tests.... The builder, by law, is allowed to hire private inspectors. That is what Drees Homes did. City inspectors now say the flaws should have been caught. The state's department of Business and Professional Regulations has been investigating the situation at least since January of 2007. Last week, the DBPR said its investigation was complete...The DBPR says that's not the case. In a letter to Norman, the department says,"....the evidence is not sufficient to support a disciplinary action...(under)Florida construction industry regulatory statutes." "....this decision in no way indicates that your complaint is not valid....." The letter also says, "Building code violations are not within the jurisdiction of the department...(and it should be)addressed by the local building department." "It shows me there are very few consumer protections for homeowners in the state of Florida," says Norman.   Original Story: Owner Says New Home Passed Inspection With Major Flaws. - Related Article: 3rd Party Inspectors Great for Builders but not so good for Homebuyers    Related: See photos of Drees Homes defects in other states,

Stewart Title faces $1.95 million fine in Washington state
Washington state officials are seeking $1.95 million in fines against Stewart Title Guaranty Co. for allegedly using illegal incentives and inducements to win business from real estate agents, brokers and agencies. Insurance Commissioner Mike Kreidler said an investigation of records at Stewart Title of Snohomish County Inc. uncovered 195 violations of a state law that prohibits title insurance companies from giving more than $25 a year to individuals as business inducements.