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Real Estate News Brief: Taxing Billionaires, Bank Strength, and California Escrow Refunds
In this week's Real Estate News Brief... the billionaires who support a wealth tax, bank stress test results, and escrow account refunds for California mortgage holders.
We begin with economic news from this past week.
New home sales hit a 5-month low in May. The Commerce Department says they were down 7.8% compared to April and ran at a seasonally adjusted annual rate of 646,000. MarketWatch economists had expected a faster pace of 669,000.