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Mortgage Fraud Suspects Arrested in California

California attorney general Kamala Harris announced Tuesday the arrest of two suspects who are believed to have participated in a mortgage fraud enterprise that mainly targeted the Spanish community. Joana Sosa and Zoila Ortega are facing charges of grand theft, burglary, unlawful collection of advance fees, tax evasion, and conspiracy in a wide-ranging mortgage fraud scheme.

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Equifax: Home Equity Credit Hits Three-Year High

Home equity revolving credit hit a three-year high in July, signaling continued growth in housing confidence, Equifax said in a report. The company's October National Consumer Credit Trends Report showed new home equity revolving lines of credit totaled more than $44 billion year-to-date through July. First mortgages contracted 3.4 percent year-over-year, but severely delinquent mortgages have also fallen off since their peak, reaching a total balance of $419 billion in September.

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RE/MAX: Depressed Inventory Stifles Sales, Boosts Prices in September

The median sales price for homes sold in September continued to move higher yearly and monthly while sales stalled from August, according to a housing report from RE/MAX, which tracks MLS data in 52 metropolitan areas. The median sales price in September was $164,989, a slight 0.7 percent increase from August and a 7.8 percent improvement from September 2011. So far, prices have been rising yearly for eight straight months.

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California’s Chateau d’Or Receives Price Reduction to $25M

Famed Los Angeles mansion, Chateau d'Or, is still on the market, but the property's sellers recently initiated a significant price reduction, dropping the listing from $40 million to just $25 million. The 26,00o-square-foot home, located in the city's Bel Air neighborhood, boasts 15 bedrooms and 16.5 bathrooms, and may be "better suited to Disneyland," according to Curbed.

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Avison Young to Expand Operations in the Southeast

Announcing an acquisition deal with Thomas Linderman Graham Inc., a commercial real estate services company in Raleigh, North Carolina, Canada-based Avison Young is continuing its U.S. expansion. Through its purchase agreement with Thomas Linderman Graham, Avison Young will open two new offices in the state.

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