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FinCEN expands target areas in New York City

Jul 28, 2016

The Financial Crimes Enforcement Network announced yesterday an expansion of their Geographic Targeting Orders (GTO) in an effort to identify situations where property purchases are being used in money-laundering schemes or to finance terrorism. FinCEN, which is part of the U.S. Treasury Department, issued a GTO for Manhattan earlier this year and has expanded it to include all New York City boroughs. The expansion also includes several other areas of the country.

The new rules temporarily require U.S. title insurance companies to identify the buyers behind shell companies who are paying all cash for high-end residential real estate in six major metropolitan areas. 

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Home sales near record high in November

There were 10,719 closed home sales across New York State during November, representing the second-highest total on record for the month. The November sales record of 10,991 was set in November 2016. The statewide median sales price grew by 5.8 percent in November compared to last November. Click here to read more.

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