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Finance Latest News: California City Becomes First to Adopt Eminent Domain Plan

The city of Richmond, California, said it will use its power of eminent domain, if necessary, to seize "underwater" mortgage loans to keep its residents in their homes, becoming the first U.S. municipality to adopt such an approach. Home values are rising as more people are bidding on a relatively tight supply of houses for sale. Home prices jumped 12.2 percent in May compared with a year earlier, the biggest annual gain since March 2006. The increase shows the housing recovery is strengthening. Recently, the stock market has felt like late-summer inertia had already set in. U.S. stocks wandered between the tiniest of gains and losses before closing mixed. Traders were indecisive as companies reported disparate earnings news, and many were disinclined to make any big moves before getting direction from the Federal Reserve, which is scheduled to release an updated policy statement.
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