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Good News: Disclosure of Cash Buyers for Lux Real Estate Effective in Curtailing Money Laundering; Bad News: Homes Sales Cut by 70%

(COSTAR) - 5 months, 3 weeks ago
 The Department of Treasury's crackdown on potential money laundering involving all-cash buyers of real estate that began in 2016 deflated the value of luxury homes sold in the nation's largest markets by more than 4 percent. It also reduced the number of all-cash sales by 70%, according to a new authoritative analysis by the Federal Reserve Bank of New York and the University of Miami. Beginning in January 2016, the Treasury Department's Financial......
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