Simplifying Residential Real Estate Transactions Still A Priority

The U.S. Department of Housing and Urban Development has sent a final draft of new rules to simplify residential realty transactions to the Office of Management and Budget, reported CBS MarketWatch. HUD officials said they wouldn't make public the details of the new rules until OMB finishes its review. President George W. Bush and Acting Secretary Alphonso Jackson, who has been nominated to succeed Mel Martinez as HUD secretary, said reforms to simplify the documents that home buyers and homeowners must complete will remain a priority after Martinez's departure. Martinez proposed changing the laws governing residential real estate transactions "with much fanfare" nearly 18 months ago, reported CBS MarketWatch.