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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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NYS home sales post second-highest May total

Homebuyer activity remained strong in May, driving the New York State housing market to the second-highest sales total for the month with 10,348 closings. May 2018 closed sales were 8.6 percent lower than the record of 11,322 set in May 2017. The median sales price growth trend continued, increasing by 11.5 percent compared to last May, ending the month at $262,000. Click here to read more.