| Volume 144 Number 18 |
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The People’s Lawyer’s Tip of the Day
It’s often said that imitation is the sincerest form of flattery, but the FTC is not flattered at all by a scam website designed to look like a Federal Trade Commission site and steal your money. Click here for more.
Despite the pandemic, the 2020 housing market was the strongest since 2006
The numbers are in. In the midst of the coronavirus (COVID-19) pandemic, the nation’s housing market had its best year in 2020 since 2006, just before the market crashed in a wave of foreclosures.
Sales were strong into the end of the year. The National Association of Realtors (NAR) reports existing-home sales rose in December by 0.7 percent. Sales in 2020 were up 22.2 percent from 2019.
While that’s great for people trying to sell a home, it’s not so good for people hoping to buy one. With more would-be buyers than sellers, home prices moved sharply higher last year. NAR reports the median sale price was $309,800, up 12.9 percent from one year ago. Housing inventory sank to 1.07 million and a 1.9-month supply -- both historic lows. Click here for more.
Your Money
It's not too late to reduce your 2020 tax bill, if you are willing to set some cash aside for retirement. The deadline to make an individual retirement account contribution that will decrease your 2020 tax bill or even boost your refund is April 15, 2021. Here's why you should make a last-minute IRA contribution: Click here for more.
For the Lawyers
U.S. District Court invalidates two provisions of the CFPB’s “Prepaid Rule.” The United States District Court for the District of Columbia entered an Order in invalidating two provisions of the Consumer Financial Protection Bureau “Prepaid Rule” (“the Rule”). The court invalidated the mandatory short-form fee disclosure requirement, and the requirement for a thirty-day waiting period before linking prepaid products to credit. In granting plaintiff PayPal’s motion for summary judgment, the Court held that the CFPB acted outside of its statutory authority when PayPal, Inc. v. Consumer Financial Protection Bureau, et al., No. 19-3700-RJL (D.D.C. Dec. 30, 2020) Click here for more.