In the News
Presented by Frank
Pellegrini, CEO, Prairie Title
June 1, 2018
New Disclosure Rule Delayed to July 1, at Least
The Illinois Department of Professional and Financial Regulation
has announced implementation of a new rule on the Disclosure of Financial
Interest form. Initially the change was to become effective in May. Following
input from the industry, IDFPR has postponed implementation until at least July
1. For more information, click here to view the online form, and here for instructions on filling out the
form.
Springfield update: Amazingly, the state
legislature adjourned yesterday after passing a full budget on time, and Gov.
Rauner has said he will approve it. Two bills of interest to the real estate community were
passed, one that legislates predictive recording fees for Cook County and another
limiting the selection of title insurance and settlement services and the
splitting of title policies in any residential transaction
("bifurcation"). The governor is expected to sign both.
In Washington: After many fits and
starts, updates to Dodd-Frank are now law, to the applause of many in our industry.
Unfortunately, there’s been no movement forward on the House-passed bipartisan ALTA-supported
legislation
that corrects the inaccurate disclosure of title insurance premiums on the
TILA-RESPA Integrated Disclosures. As we grind toward the November election,
odds will fade that the Senate will take up and pass this bill, but there’s still
hope.
Tech talk.
The MReport recently published an article on
homebuyers and technology, based on a survey by owners.com. The upshot? “Homebuyers
are increasingly looking at their real estate agent for expertise and
tech-based tools to keep them organized during their home search.” Read the
full article here. I also recommend a
recent article about how
blockchain and
cryptocurrency
are changing commercial real estate published by REJournals.com.
April existing home sales tumble. There’s no way to sugarcoat this: “The affordability issue
is kneecapping strong demand,” declared Housing
Wire in a recent story. The article quoted NAR Chief Economist Lawrence Yun, “The root cause of the
underperforming sales activity in much of the country so far this year
continues to be the utter lack of available listings on the market to meet the
strong demand for buying a home.” Ugh.
Is Gen X
making its mark on CRE? While homeownership among younger adults is not nearly as
robust as we’d like in a vibrant economy, NAIOP recently published an
interesting article noting that Gen Xers
(born between 1965 and 1981) are helping boost commercial real estate develop-ment
as companies strive to meet their preferences in housing, office space and
entertainment options. I’m always looking for a silver lining.
