MV REALTY BANNED IN NORTH CAROLINA

BOCA REAL ESTATE MARKET WATCH

---

Greetings, everyone! Joe Hillner here with Your Home Sold Guaranteed Realty, bringing you the latest updates on the Boca real estate market. Today, we delve into significant developments, including the recent ban on MV Realty from operating in North Carolina.
 

MV Realty's Deceptive Practices

MV Realty has come under fire for its deceptive practices targeting homeowners in financial distress. Reports reveal that the firm misled homeowners into signing exclusive listing agreements lasting 40 years in exchange for cash. These agreements, described as fraudulent by state investigations, were not disclosed accurately to the homeowners, leading to legal actions by the Attorney General Josh Stein.
 

Ban in North Carolina and Nationwide Impact

Following media and state investigations, the North Carolina real estate commission has barred MV Realty from conducting business in the state. With over 2,100 customers in North Carolina and 32,000 nationwide, the ramifications of MV Realty's actions extend far beyond state borders, potentially affecting thousands of homeowners.

Market Trends and Mortgage Rates

In other news, purchase loan applications surged by 9% following a drop in mortgage rates, signaling a potential uptick in home purchases. Despite being down 20% from a year ago, this increase offers a glimmer of hope for the market's recovery. However, the outlook on mortgage rates remains uncertain, with various factors influencing future trends.

Boca Real Estate Market Watch - Single Family Homes

This past week, 74 new listings, that's a bunch, and ranging in price from $425K to $16.25M! 35 different properties under contract, and 25 going pending, a little improvement. And a quiet week with just 24 homes sold, ranging from $557K to $5M!

Boca Real Estate Market Watch - Condos/Townhomes

112 new listings, another big week, and ranging from $99 Grand to $7.7 Million. And another quiet week for contracts, with only 41 different properties under contract, and 20 going pending. 39 closed sales this week, like last week, and ranging in price from $105K to $34.68M!

That wraps up today's Boca Real Estate Market Watch. Stay tuned for further updates on the ever-evolving housing market. If you're seeking specific market data for your neighborhood, don't hesitate to reach out to us. Remember to like, subscribe, and hit the notification bell on our YouTube channel for more insightful content. Until next time, this is Joe Hillner with Your Home Sold Guaranteed Realty, signing off. Go Serve Big, everyone, and I'll catch you next week!