KB Home co-founder sells UES co-op after chopping price by almost 50% … and more

1. NYC real estate experts warn against buying new construction homes sight-unseen [NY1]

2. KB Home co-founder sells his Upper East Side co-op for $8 million, after slashing price from $15 million [Bloomberg]

3. Texas-themed eatery and performance art space Marfa closes in the East Village [EV Grieve]

4. Maspeth, Queens residents riled over plan to relocate MTA bus depot from Greenpoint [Brooklyn Paper]

5. After successful run as food cart Ample Hills Creamery plans to open brick-and-mortar shop [Village Voice]

6. Stan Humphries, chief economist with Zillow, asks: “is drop in U.S. debt load good for housing” [WSJ]

7. Underwater homeowners may have more options for loan modifications in the coming weeks [NYT]

8. SEC plans probe into Fannie and Freddie’s subprime loan involvement [WSJ]

9. Federal Home Affordable Mortgage Program to be extended one year, despite widespread criticism [TruthAboutMortgage]

10. American Prospect co-editor examines the U.S.’ “continuing mortgage mess” [HuffPo]

11. Home loans taking longer to obtain for homeowners nationwide [NYT]