Feds Extend Real Estate Money Laundering Probes

Feb 27, 2017

The federal government has announced a 180-day extension into its investigation of foreign entities that may be using U.S. real estate purchases for money laundering.

According to a Reuters report, the extension by the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) requires title insurance companies to inform federal authorities of all-cash purchases in New York City, San Antonio, Florida’s Miami-Dade, Broward and Palm Beach counties, and California’s San Francisco, San Mateo and Santa Clara counties plus Los Angeles. The original investigative probe was enacted in January 2016 and was set to expire on Feb. 23.

FinCEN Acting Director Jamal El-Hindi stated that the information gathered over the past year offered "valuable data that is assisting law enforcement and is serving to inform our future efforts to address money laundering in the real estate sector.”

About the author

Phil Hall

Link copied

Published

Feb 27, 2017

Analysis and Data

It's A Buyers' Market In Texas And Florida!!!

Redfin says sellers are cutting their asking prices in the two southern states.

Two states in particular are experiencing a ballooning supply of homes for sale this spring, paired with modest price cuts to entice buyers. A new report from Redfin indicates that housing supply is surging in Florida and Texas, and sellers are cutting their asking prices...

Analysis and Data

Pending Home Sales Climbed 3.4% In March

National Association of Realtors reports gains in Northeast, South and West, with a slight drop in the Midwest

Homes under contract are rising at a cautiously hopeful pace this spring. The National Association of Realtors’ Pending home Sales Index climbed 3.4% in March, increasing to 78.2. Year-over-year, pending transactions were up 0.1%. “March's Pending Home Sales Index – at...