Baseball All-Star buys a foreclosed house

Ryan Braun, a Milwaukee Brewers outfielder who was chosen to play in Tuesday's All-Star Game, has purchased a foreclosed home in Malibu for $4.85 million.

Since selling for $4.2 million in 2004, the property had been through a series of owners and transfers before ending up as bank-owned. It was listed at a high of $8.9 million in 2007 and had been marketed at $5,299,900 since the fall.

The five-bedroom, seven-bathroom gated Mediterranean has ocean views and sits on more than an acre with a swimming pool, spa and built-in barbecue. The interiors include three fireplaces and travertine and hardwood flooring. There is a two-bedroom, one-bathroom guesthouse and a movie theater for a total of 7,587 square feet of living area.

Braun, 25, grew up playing baseball in L.A.'s San Fernando Valley.

— Los Angeles Times

Appraisers want

new rules rescinded

A letter sent recently to the Housing and Urban Development Department asks the agency to rescind rules regarding real-estate appraisals, claiming they lead to the use of underqualified appraisers.

The Appraisal Institute and three other appraisal groups argue that HUD's restrictions on total appraisal fees are driving competent appraisers away from mortgage programs backed by the Federal Housing Administration and other mortgage programs.

Effective May 1, the rules have drawn fire from numerous groups, including the National Association of Realtors and the National Association of Mortgage Brokers.

The letter also said appraisal management companies are using appraisers from distant locations who'll work for less money, hurting the quality of appraisals.

The Associated Press