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The FBI’s warns that losses from real estate and rental scams are steadily increasing, reaching more than $396 million last year. Scammers are plotting elaborate schemes to dupe potential buyers, property owners and real estate professionals. One of their latest targets is vacant land, warns Charlie Lee, senior counsel and director of legal affairs at the National Association of REALTORS®, in the latest “ Window to the Law ” video. Scammers comb through public records and flag vacant parcels of land and properties that don’t have a mortgage or other lien, Lee says. Then, they’ll pose as the landowner, asking a real estate agent to list the property. “For the agent, the deal seems too good to pass up,” Lee says. “The seller is willing to sell below market value, the property generates great interest and they’ll quickly accept an offer—with a preference for a cash sale.” Real estate attorney Victor Petrescu recently warned of an uptick in scammers known as “ title pirates ,” who use fraudulent or forged deeds and other documents to convey title to a property. Often, these scams go undetected until after the money has been wired to the scammer in the fraudulent sale. “These scams have defrauded buyers out of great sums of money and left property owners and brokers and agents having to sort out the mess,” Lee says.

At the national level, housing affordability rose in January compared to the previous month, according to NAR’s Housing Affordability Index. Compared to the prior month, the monthly mortgage payment decreased by 3.3% while the median price of single-family homes declined by 2.4%, making home buying more affordable in January. The monthly mortgage payment decreased by $62 from last month. Compared to one year ago, affordability fell in January as the monthly mortgage payment climbed 39.3% and median family income rose by 6.4%. The effective 30-year fixed mortgage rate was 6.35% this January compared to 3.51% one year ago, and the median existing-home sales price rose 0.7% from one year ago. Mortgage rates have declined for three consecutive months.








