July 20, 2017
- Three California residents attempted to defraud borrowers in a mortgage modification scheme. The trio garnished at least 11 million dollars from homeowners across the nation. The author of the scheme used some of the funds to produce a reality t.v. show and live lavishly. Together, all three participants will serve a combined 39 years in prison.
- The pool of homes for potential homeowners is expanding. For months, reports mentioned the lack of homes available to potential buyers. As a result, investors are building new homes to correct the existing homes and newly constructed homes imbalance. The Midwest and Northeast will see this growth the most.
- California is in a housing crisis. Many are living below the poverty line and cannot afford California’s expensive rent. State and local legislators are grappling with solutions to resolve the issue. Some California residents resorted to living in vans while others whom make more than $180,000 a year commute over 150 miles per day to travel to work.