law

Earlier this year, I wrote about a Virginia eminent domain ballot question. That question passed yesterday with approximately 74% of the vote. Question 1 on the November 6, 2012 ballot in the state of Virginia was an amendment to its state Constitution restricting the power of eminent domain. It was passed by both houses of the VA…

Appraisers have been the target of complaints since the fiscal crisis began in 2008. As a result, some lenders started requiring that appraisers provide as many as eight to 10 comparable transactions in their reports. Prior to the requirement, lenders generally required at least three comps on most residential appraisals. The National Association of Realtors…

The Pennsylvania General Assembly is considering a bill which would permit governmental entities to sell its public parks. The concern expressed by many – including newspaper columnists and groups such as the League of Women Voters – is that government officials will improperly use this as a “quick fix” to solve fiscal problems. For example…

The Pennsylvania House of Representatives’ bipartisan House Select Committee on Property Tax Reform held two days of hearings in Harrisburg to review local government property tax collection, reassessments and local tax structures. The committee is conducting a review of Pennsylvania’s local tax structure. According to an article in PA Law Weekly, State Representative Tom Quigley…

Question 1 on the November 6, 2012 ballot in the state of Virginia is an amendment to its state Constitution restricting the power of eminent domain. It was passed by both houses of the VA legislature. It has significant eminent domain restrictions including prohibiting using the power of eminent domain for private enterprise, job creation…

Market researcher RealtyTrac reports that fewer foreclosure processes were initiated in August 2012 than in August 2011. Foreclosures reached a 17-year high in August 2011. RealtyTrac said the number of homes entering foreclosure is projected to continue decreasing gradually.

Approximately 99,400 homes entered foreclosure in August. This was a 1 percent increase over July, but

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In Reading Area Water Authority v. The Schuylkill River Greenway Association, the Reading Area Water Authority condemned land for the construction, maintenance and operation of utility lines and appurtenance of a water main. The property owners challenged the taking and alleged the facilities would be purely for the benefit of a private developer. Specifically, they…

The Commonwealth Court of Pennsylvania recent ruled that the issuance of highway occupancy permit did not cause a “de facto” condemnation of a neighboring property owner. In Ristvey v. Com., Dept. of Transp., the alleged de facto condemnees owned 23 acres of vacant, residentially-zoned land on the eastern side of Pennsylvania State Route 18 in…

The Government Accountability Office recently released a report examining real estate valuations in the wake of the recent mortgage crisis. The report, used data from Fannie Mae, Freddie Mac and five of the biggest mortgage lenders. It revealed that valuations received through broker price opinions and automated valuation models take less time and are less…