As settlement for hiding bad loans and house desolation, Wells Fargo will pay $1.2 billion. The bank lender admitted of cheating the government by insuring thousands of risky mortgages although they are not eligible.
The Singapore government had slammed certain caps on private housing sector, to cool an overheated market. This has been a rising concern for the city builders, especially after Singapore recorded a repetitive falling graph for 17 years running. However, it remains to be seen if the government deems fit for the bans to be lifted given the current residential property scenario.
America's total wealth in Q2 increased even more, thanks to the stronger housing market. The value of owner-occupied real estate hit $21.5 trillion, up more than $400 billion from Q1 and nearly $4.5 trillion since the low point in 2011, according to the Federal Reserve report on Friday, as reported by CNNMoney.
Sales of new U.S. single-family homes rose for a third straight month in October, but a downward revision to the prior month's sales pace indicated the housing market recovery would remain gradual.
Investors were flocking to several states to buy a house at a lower price albeit in cold cash.