June 3, 2021

News Digest

By Frank Pellegrini

Are Real Estate Attorneys Really Essential in Residential Closings? These Experts Say Yes – Washingtonpost.com

Noted experts Ilyce Glink and Samuel J. Tamkin provide the answer: “We’ve also written about countless sellers and buyers that would have benefited from legal advice during residential transactions, but they didn’t get that advice at the right time and it cost these people dearly either at the closing or later on.”

A new Online Notarizatons Bill Could Allow Remote Closings Nationwide  – www.fool.com

The bipartisan SECURE Notarization Act would enable remote notarization services for all licensed notaries in the country. The bill would also require certain security measures —  like “tamper-evident technology” and multifactor authentication — to ward off fraud.

Consumer Spending Will Propel 2021 Economic Growth, Says NAR – NAR.Realtor

After recording the quickest recovery in the nation’s history in the wake of the COVID-19 pandemic, the U.S. economy is expected to kick into higher gear this year. That is according to analysis from the National Association of Realtors®.

Fannie alters 2021 Forecast Due to Housing Market Shortage; Projects Increase in Refis – Housingwire.com

A full month of sub-3% mortgage rates, ongoing housing market supply constraints, and a 300% increase in lumber prices over the past 15 months has prompted Fannie Mae‘s Economic and Strategic Group to revise several of its 2021 forecasts.

Commercial Market Insights from NAR – Nar.Realtor

Year-to-date through April 2021, commercial transactions were 10% below the level one year ago. Commercial real estate prices continue to firm up, but valuations were still broadly down by 5% in April compared to January 2020.