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  • U.S. expands investigation into money laundering by foreign cash buyers

    The federal government revealed Wednesday that its investigation into foreign buyers using high-end U.S. real estate as a means to launder money found that potentially illicit activity is behind a "significant" portion of the cash transactions in Manhattan and Miami, and plans to expand the investigation into Los Angeles, San Francisco, and several other areas. Click the headline to read more.

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RealtyTrac: 302,000 zombie foreclosures haunt the US

The 'zombie foreclosure phenomenon' continues to capture headlines.

This time it's the Chicago Tribune reporting that 300,000 zombie foreclosures are haunting U.S. neighborhoods based on RealtyTrac statistics.

A zombie foreclosure situation occurs when a borrower leaves a distressed property, believing the bank has foreclosed. Instead, the foreclosure is never finalized, and the borrower later discovers they're on the hook for property taxes and other expenses.

Source: Chicago Tribune
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