Floridians could see as much as $30 million in financing to buy new homes, including $9 million in Miami, according to a pledge by Wells Fargo, the South Florida Business Journal reported. The funding will target down payments under the NeighborhoodLIFT program. “We have been working with Wells Fargo in securing abandoned houses and we have a great relationship with them,” Miami Mayor Tomas Regalado said. The plan would give grants as high as $15,000 to home seekers who are eligible. [SFBJ]

Wells Fargo has sold a two-story office/flex building in West Palm Beach, according to Berger Commercial Realty’s Keith Graves, who represented Wells Fargo in the deal. The property, which is located at 1711 Worthington Road in West Palm Beach, was purchased by Bearcash, a limited liability company, for $1.01 million. The bank-owned property was being managed by Berger Special Assets, the company’s receivership division. “The property management expertise of Berger Special Assets certainly contributed to the building’s value,” Graves said. “We were able to market it effectively to qualified buyers and secure a fair selling price for the bank.” — Alexander Britell

Wells Fargo will not offer refinances to homeowners under the new Home Affordable Refinance Plan unless they are Wells Fargo customers, the bank announced late Monday night. “After further consideration of the new parameters of the Fannie Mae DU Refi Plus program transactions and the current marketing environment, we have amended our policy for loans not currently serviced by Wells Fargo and originated through our Correspondent and Wholesale business channels,” said Carla Clemons, spokesperson for the bank. [Palm Beach Post]

David Montoya, inspector general at HUD

A new report from the inspector general of the U.S. Department of Housing and Urban Development shows that the management at large banks, not low-level employees, were responsible for the forging of foreclosure documents that sparked a nationwide investigation, culminating in the settlement filed yesterday. The report shows bank managers ignoring “widespread errors in the foreclosure process,” the New York Times reported. [more]

Joseph Smith, monitor for mortgage settlement

The $25 billion foreclosure settlement was formally filed in U.S. District Court in Washington D.C. today, the Wall Street Journal reported.

The settlement, between the government and five major mortgage companies — Ally Financial, Bank of America, Citigroup, JPMorgan Chase and Wells Fargo — empowers Joseph Smith, formerly a financial regulator in North Carolina, to monitor banks’ compliance with the 42-page set of standards it creates. Smith will also have the power to levy fines against banks that do not comply with the new standards, the Journal said. [more]

A new home in Royal Palm Beach

The South saw a 15 percent increase in sales of new construction homes, according to data from the U.S. Commerce Department. The region, which includes 17 states, saw a 9 percent increase last month, compared to a 3.5 percent rise nationally, the Palm Beach Post reported. “We haven’t yet seen a turn to a significantly different sales rate, but it does give builders confidence with construction,” said David Crowe, the National Association of Home Builders’ chief economist. [more]

Banks such as JPMorgan Chase, Wells Fargo and Allied Financial are offering incentives of as much as $35,000 in cash to homeowners who opt for short sales, as part of an effort to get troubled mortgages off their books, Bloomberg News reported.

The move towards accepting less from a buyer than a seller’s outstanding loan makes sense for the moment, especially given the current foreclosure backlog, since it’s a faster process than a foreclosure, said Bill Fricke, senior credit officer for Moody’s Investors Service. [more]

Just two months ago, economists figured nationwide housing prices would begin rising next year. A new poll by Reuters shows that confidence is fleeting, as the group of 27 analysts surveyed in the last week predicted prices would remain flat, and only begin to recover in 2013.

The economists expect 2011 to finish with a 3.3 percent housing price decline, and 2012 to follow with a 0.3 percent decline, marking the bottom of the housing market. In 2013 they expect prices will finally reverse course and increase 1.5 percent. [more]

Wells Fargo has tapped Fort Lauderdale-based Berger Commercial Realty to manage, lease and sell three properties in Palm Beach and Miami-Dade counties. Berger’s management and leasing divisions will handle a shopping center located at 11150 Okeechobee Boulevard in Royal Palm Beach, an industrial building at 1711 Worthington Road in West Palm Beach and another industrial site at 13280 NW 43rd Avenue in Opa Locka. Keith Graves will handle leasing and selling, and Tim Hackett will oversee property management — Alexander Britell [more]

The Bank of America Centre at 625 North Flagler Drive in West Palm Beach has been targeted for foreclosure, the South Florida Business Journal reported. Wells Fargo filed the lawsuit against I&G Direct Real Estate 14, a New York-based company on the hook for the loan. The mortgage on the property was made for $18.55 million in 2005, the Journal said, and has that same amount outstanding with a 4.92 percent interest rate and a 2015 scheduled maturity date. [SFBJ]