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- Treasury announces final anti-money laundering rules for real estate agents
Treasury announces final anti-money laundering rules for real estate agents
Plus: Texas inventory above pre-pandemic levels
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Today's newsletter is 498 words — a 2-minute read.
1. Treasury announces final anti-money laundering rules for real estate agents
U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced yesterday the publication of a rule that extends anti-money laundering regulations to real estate agents.
The final residential real estate rule will require certain industry professionals to report information to FinCEN about non-financed transfers of residential real estate to a legal entity or trust, which present a high illicit finance risk.
FinCEN explained that a new flexibility has been added to make the requirements less burdensome. It also announced that parties to a real estate transaction can now adopt a written agreement that designates a particular individual with the duty to report.
The final real estate rule will take effect on Dec. 1, 2025.
2. Texas leads the way in states where inventory is now above pre-pandemic levels
Texas was among the eight states that had more unsold inventory this week compared to the same week in 2019 as reported by Altos Research.
Eight states have more homes for sale in 2024 than in August 2019 on single-family inventory.
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3. Catch up quick
🏠 Texas comptroller Glenn Hegar releases a study on the state’s housing affordability challenge. (TexasComptroller)
🛣️ Texas announces $148 billion in infrastructure upgrades over the next 10 years. (TexasGovernor)
🤝 RealPage says it is willing to work with the DOJ over the rent algorithm lawsuit. (USAToday)
📣 Fannie Mae announces new plans for tenant protections at GSE-financed multifamily properties. (PRNewswire)
🏥 Fun read: A North Texas man finds surprise kidney donor in a high school classmate from 25 years ago. (WFAA)
4. Home price gains outpace inflation with a 5.4% annual increase
Home prices have continued to outpace inflation by a significant margin according to the latest data from the S&P CoreLogic Case-Shiller Indices.
The report showed that while the growth rate of home prices is slowing, the gap between home price increases and inflation remains larger than historical norms.
The Home Price Index, which covers all nine US census divisions, recorded a 5.4% annual gain in June, down from 5.9% in May.
5. Typical homebuyer’s down payment is at a record $67,500, up 15% from 2023
The typical down payment for U.S. homebuyers hit a record high of $67,500 in June, up 14.8% from $58,788 a year earlier, according to a new report from Redfin.
The nearly 15% jump significantly outpaced the increase in home prices, which were up 5.4% in June year over year.
The increase is being influenced by the current market, where higher-priced, turnkey homes in desirable neighborhoods are more likely to sell.
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