What's Hot on HousingWatch This Week

There's no good news from the Dallas real estate scene this week, with a resort slipping into foreclosure and the area's most famous spec house selling for 30% under asking price. See what other (and hopefully better) news we had for Dallas-ites and everyone else this week on HousingWatch:

Texas Luxury Housing: Four Seasons Las Colinas Foreclosed
The effects of the bleak Dallas real estate market have reached even the storied Four Seasons hotel chain, with their Irving, TX Las Colinas resort skidding into a $122 million foreclosure. Will the surrounding housing developments feel a ripple? Read more.

2. Dallas' Most Expensive Spec Home Ever Sells for 30% Under Original Price
And speaking of the bleak Dallas real estate market... The $18 million home that seemed purpose-built for a resident like George W. Bush with its concrete shell, built-in bomb shelter, and copious parking for Secret Service agents, has just sold for a stingingly low $12.5 million after two years on the market. Read more.
3. Homebuyer Tax Credit Extended by House -- Again
Though it's too late for newcomers to get in on the deal, the House has extended the homebuyers' tax credit to cover those 180,000 hopeful buyers who signed purchase agreements prior to the original April 30 credit expiration, but who have yet to close on their property. Read more.

4. Alleged Squatter Stakes Claim to Seattle Homes, Says She Is 'Sticking It' to Banks
In what's starting to sound like a made-for-TV movie plotline, a Seattle woman has moved with her children and her furniture into a vacant, foreclosed $3 million Seattle-area home in order to "stick it to" Big Banking. Plot twists include an arrest, a trip to Disneyland, and a (possibly sham) religious charity. Read more.

5.Walk Away From Mortgage? Fannie Mae Will Give You the Freeze
In light of the emerging trend seeing homeowners simply walking away from mortgages, Fannie Mae is fast-tracking a new set of rules to keep disappearing homeowners from becoming repeat offenders. The new regulations are intended to encourage troubled homeowners to work with their lenders instead of walking out. Read more.

6. Hurricane Alex Blows Clouds Over Florida Housing Market, and More
As Hurricane Alex rips his way up the Gulf Coast, Florida homeowners are bracing for more than just high winds and heavy seas: it looks like the storm (and its effects on the oil spill) will make a devastating contribution to a perfect storm of Florida real estate woes. Read more.

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