Despite rising home prices and a stronger U.S. dollar, foreign buyer transactions in the United States had increased dramatically from a year ago — by almost 50%, in fact. In a housing
market restrained by tight inventory, what impact are those buyers having on U.S. real estate?
The federal government's recent investigation found that potentially illicit activity is behind more than 30% of cash purchases from foreign buyers in select U.S. property markets. FinCEN will now target what some are calling a “gaping loophole” in its initial investigation – wire transfers.
International homebuyers are flocking to Texas and buying up Lone Star State homes in droves, a new report from the Texas Association of Realtors shows. In fact, the report shows that over the last year, the amount of money spent by foreign buyers on homes in Texas is nearly double what it was in the previous year.
The federal government will continue investigating whether foreign buyers are using high-end U.S. real estate to launder money after an expanded investigation found that potentially illicit activity is behind as many as one in three cash purchases from foreign buyers in select markets.
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.
“This bigger picture hides a rapid rise in purchases by Chinese investors, who may overtake Canadians as the largest group of foreign buyers of US housing within the next five years,” Capital Economics Property Economist Paul Diggle said.
Eight years after we began recognizing women for their influential work in the expanding housing and mortgage finance ecosystem, a traditionally male-dominated field, our Women of Influence list is bigger and better than ever! This year, we honor 85 women who are making lasting achievements in each sector of the housing economy. Read on to learn more about these accomplished women and the strides they are making in their industry segments.
The financial world at large is experimenting with changing its workforce culture in ways not fathomable 10 years ago. For example, in 2011, the dress code for female workers at UBS came to light with unflattering results. In it, the Swiss bank instructed female employees on not just how to dress and how to smell, but also preached the importance for ladies to apply lotion after taking showers. Fast forward to today and fellow Swiss bank, Credit Suisse has now created an official role to boost equal opportunities and create a fair treatment environment. Has the American mortgage industry made similar progress?
The conversation around student loan debt and its economic impact on Millennials, those born from 1980 to 1998, has some questioning whether the future of the American Dream is in jeopardy. The nation’s student loan debt has soared to $1.4 trillion, surpassing credit cards in becoming the largest source of personal debt outside a mortgage.