LA TIMES REALTY NEWS Fannie Mae tries to stimulate market for foreclosed homes The mortgage giant quietly launches the HomePath program, which offers subprime-era terms for buyers: minimal down payments, no appraisals, no mortgage insurance and lower minimum credit scores. If you're a buyer with little cash or a small-scale investor looking for a deal on a foreclosed house, a little-publicized national lending program could be just what you need this fall. Home of the week update How some of our previously featured properties have fared in the sales market. Buff & Hensman-designed beach house Home of the Week: Chateau on Lake Arrowhead Completed a few years ago, a Normandy-style estate was built to look a century old. Glen and Linda Keane felt guilty about tearing down the O'Melveny family home. After all, John O'Melveny was part of a group of Los Angeles businessmen who formed Lake Arrowhead Co. in the 1920s and oversaw the lake's development into a popular resort destination. How to sue your homeowner association to get records or repairs Question: I am fed up with my homeowners association and successive boards for sabotaging owner requests for records and refusing to fix maintenance problems in common areas that directly affect individual units. I believe I have no other choice than to sue the association and the boards. What are the steps I have to take? KB Home says SEC investigation over The home builder's stock soars 11% after an announcement that there will be no action taken as result of an investigation into the company's accounting procedures. Shares of Los Angeles-based KB Home soared on Wednesday after the home builder said an investigation by the Securities and Exchange Commission into the company's accounting and disclosure procedures had concluded and no enforcement action would be taken. Index of pending home sales rises 5.2% July's increase from June in the National Assn. of Realtors' gauge for previously owned residences follows two straight months of declines and a report that sales of such homes dived 27.2%. An index of home purchase contracts for previously owned dwellings unexpectedly increased 5.2% in July over June, the National Assn. of Realtors said Thursday, a modest note of good news for the U.S. housing market. Aimee Burrell, CLHMS, CRS, GRI, CDPE Associate Broker 1.800.216.1366 Ext 4 Jeff Tipton, ABR, CRS, GRI, CDPE, e-Pro Associate Broker 1.800.216.1366 Ext 3 RE/MAX POWER REALTY 7529 S. Power Road Suite 101 Queen Creek, AZ 85142 Direct 1.800.216.1366 Brokerage Office 480.850.5858 Each Office Independently Owned and Operated

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