Del. contractor files $10M lawsuit against home builder
Lawyers for a Delaware contractor will tour the site of the Glen Riddle development today as part of their preparation to seek more than $10 million, which they say is owed to their client, from building giant Centex Homes...The Delaware contractor has already won one breach of contract battle with Centex. Horsey obtained a lien against Centex/Taylor from Circuit Court on Aug. 11, 2004, for just over $2.3 million.

$763G fine imposed on Chester builder
A Chester developer who received 18 prior warnings was fined $763,500 for various violations, including failing to stop stormwater runoff from infiltrating nearby pristine streams in the development he was building in Budd Lake.

HOMES FOR THE LOW-INCOME WERE SNAPPED UP BY OTHER BUYERS WHO FLIPPED THEM FOR A PROFIT
In a county seized by one of the most dramatic affordable housing shortages in the nation, developers entrusted with government land and money to build homes for the poor have sold instead to real estate investors, wealthy buyers or families who turned quick profits.

Prominent developer sued by homeowners
  East Bay Golf Villas condominium owners are suing the developers and builders of their 40 units completed in 2003 complaining of shoddy work and corner-cutting that allegedly caused dangerous conditions in the apartments...In Moody's complaint, the homeowners allege breach of warranty and violations of state building codes.

A nonprofit received $16 million and land but finished just one affordable housing project
Over five years, the MDHA Development Corp. received $16 million from Miami-Dade County, dozens of vacant lots, the deed to an apartment complex, county office equipment, loaner cars and staff time worth almost $500,000.But of 17 affordable housing projects, the nonprofit has produced just one: a 100-unit apartment complex for the elderly that was months delayed and riddled with building breakdowns.

Monday Morning Mold (Mycology) - July 25, 2006

Builders' bonds go in wrong direction
Debt sold by D.R. Horton Inc., KB Home and other construction companies has tumbled an average 3 percent since May 1, saddling investors with losses of about 1.1 percent this year, including reinvested interest, according to indexes compiled by Merrill Lynch & Co. That's the worst performance of 37 industries tracked by the firm.

Real Estate Fraud
As home prices and interest rates rise--- so does real estate fraud. The Better Business Bureau today issued an international alert to help combat the growing incidences of real estate fraud. Real estate fraud is a losing proposition. In most cases the mortgage industry is being cheated out of money by fraudsters using inflated appraisals and property values, and placing bogus documents into public record.

House of Lies
In the past five years, the Miami-Dade Housing Agency squandered millions of dollars on failed projects, pet programs and insider deals even as thousands of families languished in rotting and unsafe homes...It was the beginning in a series of ill-fated government deals that shook the foundation of public housing in one of the poorest and most distressed communities in the nation.

State Rule Enforcers Are Often Players, Too
When it comes to protecting consumers in the real estate market, are the foxes guarding the henhouse? That's the conclusion of new research by the Consumer Federation of America into the relatively obscure state regulatory commissions that oversee residential real estate. Whereas other key industries regulated at the state level -- utility and insurance commissions, for example -- typically are run by professionals independent of the industries they oversee, real estate commissions are dominated and essentially run by active real estate agents and brokers.

Homeowners get mortgage fraud alert
While it may seem an unlikely threat, mortgage fraud was a $26 million problem in Michigan last year, up from $9 million in 2003. Seven new OFIS field examiners have joined six others to investigate the crime. The FBI underlined the problem in Michigan last year when it identified the state as among 10 hot spots for mortgage and deed fraud.

KCRA 3 Investigates: Toxic Mold Found In Folsom Condos
Staci Disilva said four months ago, she paid more than $240,000 for an apartment at Waterford Place in Folsom. But she's not living in the unit because it's filled with toxic mold... But documents obtained by KCRA 3 show Prometheus Real Estate and the city of Folsom should have been aware of the potential dangers of mold. A report, required to be on file with the city and prepared by a private company, points out suspected mold in more than 170 units.

Citizen group takes on shoddy builders
Citizens Against Sick Housing (C.A.S.H.), a homeowner group dedicated to holding shoddy builders accountable, approached the county's Legislative Committee July 10. They asked the county to adopt legislation that would require those seeking building permits to post a bond with the county codes department.

Builders MDC, WL Homes and lender to pay $1.6 million
In the first enforcement action of its kind, HUD settled with two home builders and a national mortgage lender for $1.6 million for their role in an illegal kickback scheme...Additional HUD settlements could be announced in the coming months because more than 50 firms - including KB Home, Shea Homes, Pulte Homes, Beazer Homes and Meritage Homes - participated in the arrangements. Banks involved include Wells Fargo, Bank of America and Citifinancial.

Leaky condo lawsuit offers lessons for all
When former MP and journalist Simma Holt bought a Port Moody, B.C., condo back in early 1999, she had no idea that the purchase of her modest retirement home would result in years of litigation against her real estate agent...For years, British Columbia has been plagued with thousands of leaky condominium buildings. Poor construction led to water penetration through the building envelopes, and the moisture inside the units created toxic mould. Repair bills for many buildings ran into millions of dollars, and many individual units had six-figure repair bills.