This is a YouTube video titled "🗣 Biden’s New Rule on Cash Buyers 🗣" containing a monologue or single-speaker commentary from December 6, 2021, discussing the Biden administration's new regulations requiring title companies to report all cash purchases of homes nationwide to combat money laundering and its potential impact on the housing market.
The Biden administration is putting a bigger emphasis on title companies to start reporting more cash purchases on new homes. This goes for residential and commercial. It used to be only if the purchase price was $300,000 or greater, and only if it was in a dozen or so metros across the country. Now they want all cities, all purchase prices reported, even on cash purchases. They think some shell companies or illegal funds are being dumped in buying houses and kind of laundering the money that way. Also, while doing that, they're pushing house prices up, so it could be a good turn for the housing market.
