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ยป VISIT US ONLINE @ DSNEWS.COM 87 IN THE NEWS Mayor Indicted in Mortgage Fraud Scheme A mayor in the Miami area has been sus- pended by Florida Gov. Rick Scott following a federal indictment alleging mortgage fraud. According to a report from the Miami Herald, North Miami Mayor Lucie Tondreau was suspended after appearing in court to face charges related to her role in an $8 million fraud scheme. In its indictment, the government alleges that Tondreau, working with accused co- conspirator Karl Oreste, advertised for a local mortgage company on her weekly radio show in an effort to recruit straw borrowers whose identities and credit were used to purchase approximately 20 properties. Officials estimate the scheme defrauded various mortgage lend- ers out of $8 million. She faces charges of conspiracy to commit fraud and wire fraud affecting a financial institution. Also named in the indictment are Oke- chukwu Josiah Odunna and Kelly Augustin, who also stand accused of recruiting borrowers and preparing false documents. In remarks made to the press following the hearing, Tondreau maintained her innocence, saying she believes her community will sup- port her. Also speaking was Tondreau's attorney, Ben Kuehne. "It appears that one of the individuals in this case was an advertiser on her radio program. We fail to see how that involves criminal conduct," he said, adding, "We're confident the facts will show that all she attempted to do is help her community lift themselves up." Florida Shows Positive Housing Gains in Q1 2014 Florida's housing market showed signs of improvement in the first quarter of 2014, notch- ing gains in median prices, new listings, and inventory, while homes spent fewer days on the market. According to the latest data released by Florida Realtors, completed sales of single-fam- ily homes totaled roughly 50,000 for the quarter, up 2.3 percent over the previous year's quarter. "e first three months of 2014 show a strong housing market in Florida, with dimin- ishing distressed property sales," said Florida Realtors president Sherri Meadows. "More jobs are being created, putting more Flori- da residents back to work, and our population continues to increase. All of these factors are bolstering the state's economy and providing a solid foundation for a strong housing market." She further notes that new listings for single-family homes over the three-month span rose 12 percent year-over-year. Home sellers, both in the single-family home market and the townhouse-condo market, received more than 92 percent of their original listing price during the first quarter of the year. e median sales price for single-family existing homes was $168,000 for the quarter, according to Florida Realtors. Median sales price is up 9.1 percent from the same time a year ago. "e first-quarter statistics reflect the fact that Florida, in part a derivative market, has felt the sting of the northern winter," said Dr. John Tuccillo, Florida Realtors chief economist. "Yet the market is showing some positive movement. Sales are up, particularly for non-distressed properties. Other data indi- cate that this is a market that is settling down and returning to more stabilized conditions." e median days-on-the-market was 58 days for single-family homes. Inventory was at a 5.7-month supply in the first quarter. Georgia RANK: 33 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate APRIL 2014 3.00% 1.09% 7 YEAR AGO 3.48% 1.88% 8.3 YEAR-OVER-YEAR CHANGE -13.8% -42.2% -1.3 Top County SCREVEN COUNTY 90+ Day Foreclosure Delinquency Rate Rate APRIL 2014 4.55% 3.53% YEAR AGO 6.29% 1.14% YEAR-OVER-YEAR CHANGE -27.6% 209.7% Top Core-Based Statistical Area BAINBRIDGE, GA 90+ Day Foreclosure Delinquency Rate Rate APRIL 2014 4.84% 2.78% YEAR AGO 4.77% 1.94% YEAR-OVER-YEAR CHANGE 1.4% 43.2% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the April 2014 foreclosure rate. All fi gures are rounded to the nearest decimal. The unemployment rate refl ects preliminary April 2014 fi gures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. Georgia Marc Oppenheimer Associate Broker, CDPE / BPOR Serving REO Since 1987 5920 Roswell Rd Suite B-118 Atlanta,Ga. 30328 Phone: (770) 668-0063 Cell: (678) 296-6550 oppy@atlantareo.com www.atlantareo.com Kentucky RANK: 23 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate APRIL 2014 2.29% 1.68% 7.7 YEAR AGO 2.26% 2.36% 8.3 YEAR-OVER-YEAR CHANGE 1.1% -29.0% -0.6 Top County PERRY COUNTY 90+ Day Foreclosure Delinquency Rate Rate APRIL 2014 5.42% 6.09% YEAR AGO 5.33% 4.84% YEAR-OVER-YEAR CHANGE 1.7% 25.7% Top Core-Based Statistical Area MOUNT STERLING, KY 90+ Day Foreclosure Delinquency Rate Rate APRIL 2014 3.87% 3.84% YEAR AGO 2.78% 5.03% YEAR-OVER-YEAR CHANGE 39.6% -23.7% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the April 2014 foreclosure rate. All fi gures are rounded to the nearest decimal. The unemployment rate refl ects preliminary April 2014 fi gures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. For the first quarter of 2014, properties within 5 percent of a negative equity position were 3.3 percent of all mortgaged properties in Kentucky, according to CoreLogic. KNOW THIS