Interesting information out of Cleveland, OH
The Point of Sale Inspection required by many cities in Cleveland is a way for cities to keep their aging housing stock from falling further into disrepair which affects all house values in the neighborhood. Here’s how it works: As a condition of transferring title at closing, the seller must either show evidence that the violations have been corrected or escrow enough money to have the buyer fix the violations shortly after closing. A couple of examples of violations would be peeling paint on the outside of the home or a chimney that needs re-pointing. The Point of Sale Inspection has proven to be a very effective tool in keeping houses maintained and house values high. Other cities around the US should learn from Cleveland’s success and adopt a similar policy to help maintain the value of their housing.
via Point of Sale Inspections Required in Cleveland Ohio Suburbs | SystemToSell.
The Federal Reserve set out new polices for banks that decide to rent out foreclosed homes, endorsing a strategy for managing the huge number of distressed properties that have piled up during the housing bust.The central bank said in a six-page policy statement Thursday that the Fed’s regulations permit the rental of foreclosed properties to tenants “in light of the extraordinary market conditions that currently prevail.” The policy clarified that banks that would otherwise be required to sell off the properties more quickly can turn to rental as a strategy.
via Fed Blesses Banks’ Foreclosure-Rental Approach – Developments – WSJ.
The House overwhelmingly approved a measure Tuesday designed to make it easier for growing companies to attract investors and comply with securities laws. The bipartisan measure, strongly backed by both parties and the White House, passed 380 to 41.
The Jumpstart Our Business Startups Act, or JOBS Act, first passed the House earlier this month with wide bipartisan margins and the Senate approved it last week after adding amendments that provide additional safeguards on “crowdfunding” to prevent credit scams. The House needed to approve the changes before sending it to the White House for President Obama’s signature.
The legislation lifts Securities and Exchange Commission restrictions on running advertisements soliciting new investors and permits “crowdfunding” so that entrepreneurs can raise equity capital from larger pools of small investors. Small private companies also would be able to sell up to $50 million in shares as part of a public offering before having to register with the SEC, and could have as many as 1,000 shareholders, up from the current cap of 500.
via House passes JOBS Act, sends bill to Obama – 2chambers – The Washington Post.