Real Estate News Brief: Taxing Billionaires, Bank Strength, and California Escrow Refunds

Summary: 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. www.NewsForInvestors.com