Marissa Berends's Blog

Shared Driveway Agreements

Marissa Berends — Wed, 10 Dec 2025 12:02:07 EST

The Legal Doc That Can Save You from Neighborhood Drama

Let’s be real — nobody dreams of owning half a driveway. But thanks to older neighborhoods, twin homes, or tight infill lots, shared driveways are super common — and they can turn into headaches fast if you don’t have the right paperwork. Enter: the shared driveway agreement — a small but mighty document that title pros swear by.

So, what even is a shared driveway agreement?

It’s a legal contract between two (or more) property owners who share the same strip of pavement to access their garages or parking areas. Think of it like a roommate agreement, but for concrete. It spells out who can use which part, who maintains it, how repairs get paid for, and what happens if someone blocks the other’s car or wants to repave.

In real estate terms, this agreement usually gets recorded in the county land records so it “runs with the land.” Translation: even if one owner sells, the next person automatically agrees to the same rules.

How it fits into the title world

When a title company does its search before closing, they’re looking for easements or rights-of-way that let people legally use the land — and shared driveways are a big one. If the agreement’s missing, outdated, or unrecorded, it’s a red flag. Title examiners might flag it as an exception or ask both parties to sign a new, recordable agreement before issuing title insurance.

Basically, a clean shared driveway agreement helps everyone sleep better — the owners, the buyer, and the lender. No one wants a post-closing call that starts with, “Hey, my neighbor just blocked me in and says it’s their driveway.”

What’s inside a typical agreement

A good shared driveway agreement should cover:

Legal description – exactly where the driveway lies and which parcels are involved.
Access rights – who can use it and for what (driving, parking, maintenance, etc.).
Maintenance responsibilities – how costs get split and who arranges repairs.
Liability – who’s responsible if there’s an accident or property damage.
Recording info – so it’s official in the public record and enforceable long-term.

Why title nerds should care

If you’re buying in a dense neighborhood, older subdivision, or duplex setup, you might be inheriting a shared drive. A solid agreement keeps peace between neighbors and prevents legal messes that can tank resale value later. In the title industry, it’s one of those behind-the-scenes docs that can make or break a smooth closing.

So yeah, it’s not glamorous — but a shared driveway agreement is kind of like preemptive couples therapy for your curb. It keeps boundaries clear, expectations fair, and everyone’s car moving freely.

Please note: Any opinions discussed in this article belong solely to the author, Marissa Berends, and do not necessarily reflect the views of Capitol Lien.

About the Author
Marissa Berends is a Certified Abstractor and Industry Relations Coordinator at Capitol Lien, a nationwide due diligence and risk mitigation services provider. Since joining the company in September 2021, she has earned abstractor certifications in Minnesota, Nebraska, and North Dakota. She is pursuing her Wisconsin Title Examiner certification, which is expected to be completed in Fall 2025.

Marissa is involved with the following groups: Wisconsin Land Title Association’s (WLTA) Convention Committee & Young Title Professionals; Nebraska Land Title Association’s (NLTA) Convention Committee; Property Record Industry Association (PRIA) National Education Committee; Illinois Land Title Association’s (ILTA) Inclusion, Diversity, Equity & Acceptance (IDEA) Committee; and the National Association of Land Title Examiners and Abstractors (NALTEA).

About Capitol Lien

Capitol Lien empowers real estate and title professionals with trusted public record research and due diligence services nationwide. With 35 years of experience, Capitol Lien specializes in fast, accurate property and title searches, lien reports, and document retrieval that help title agents, underwriters, and legal teams operate their businesses with confidence. The Capitol Lien team takes the hassle out of title research with local experts and innovative tools that make it easier to mitigate risk, stay on schedule, and keep your closings moving smoothly.

Learn more at capitollien.com. Ready to simplify your title research? Send your next order to Capitol Lien and experience the difference trusted diligence makes. Stay in touch with Capitol Lien on LinkedIn for industry updates and information. Reach out! contact@capitollien.com or 800-845-4077.

Explain It Like I’m 5: FIRPTA Edition

Marissa Berends — Wed, 03 Dec 2025 13:19:20 EST

Alright, grab your oat milk latte and let’s decode one of real estate’s least sexy—but most important—acronyms: FIRPTA.

It sounds like a made-up word your toddler would yell (“Mom, the FIRPTA took my snack!”), but it actually stands for the Foreign Investment in Real Property Tax Act. And if you ever handle, sell, or close on a property where one of the parties is not a U.S. citizen or resident, this little acronym can make or break the deal.

So let’s explain it like you’re five (but with the attention span of a millennial scrolling Zillow at midnight).

What the heck is FIRPTA?

FIRPTA is a federal law that says:

“If a foreign person sells U.S. real estate, a portion of the sale proceeds must be withheld and sent to the IRS — just in case taxes are owed.”

Basically, it’s Uncle Sam’s way of saying, “Hey, you can’t just sell your beach house in Florida, cash out, and bounce to Paris without paying taxes.”

The withholding amount is usually 15% of the sales price (not the profit — the entire price). This money is held until the foreign seller either files a tax return showing what they owe (or don’t owe) and gets any excess back from the IRS.

Why FIRPTA is such a big deal in real estate

Because if you don’t handle it correctly, the buyer can get stuck owing the IRS that 15%. Yep — even though the seller was foreign, you, the buyer, could be on the hook.

So, at every real estate closing, the title company, real estate agents, and sometimes even the lender need to confirm:

Is the seller a U.S. citizen or resident alien?
If not, does FIRPTA apply?
If it does, who’s making sure the money gets sent to the IRS?

Ignoring FIRPTA is like ignoring your car’s “check engine” light — everything seems fine until it’s really not.

What the FIRPTA form actually is

The main document involved is IRS Form 8288 (and sometimes 8288-A).

Here’s the quick breakdown:

Form 8288 – Used by the buyer or settlement agent to report and send the withheld funds to the IRS.
Form 8288-A – A copy goes to the seller and the IRS as proof that the money was withheld.
Form W-8BEN – If the seller is foreign, this confirms their foreign status.
Form W-9 – If the seller is not foreign, this form certifies they’re exempt from FIRPTA withholding.

In other words:
W-9 = “I’m American, no need to withhold.”
W-8BEN = “I’m foreign, yes you do need to withhold.”

How the closing actually works when a foreign seller is involved

Let’s walk through it step-by-step from the title company’s point of view:

1. The title company gets the contract

As soon as the file opens, the escrow officer will check whether the seller is a U.S. person or a foreign person. They’ll request a completed W-9 or W-8BEN.

2. Confirm foreign status

If the seller is foreign (no valid U.S. taxpayer ID, no Social Security number, etc.), the title company will notify both parties that FIRPTA applies.

3. Calculate the withholding

The title or closing agent calculates 15% of the total sales price — that’s the withholding amount that must go to the IRS.

Example:

Sale price = $500,000
FIRPTA withholding = $75,000

That $75K won’t go to the seller — it’s withheld at closing and sent to the IRS.

4. Handle the funds and paperwork

At closing, the buyer’s funds are disbursed like normal except for that withheld portion. The title company prepares IRS Form 8288 and 8288-A and mails them (with the check) to the IRS within 20 days of the closing date.

5. The seller’s refund (maybe)

Later, the foreign seller can file a U.S. tax return showing their actual gain or loss. If they owed less tax than what was withheld, the IRS refunds the difference.

Bonus: FIRPTA exemptions and pro tips

There are a few exceptions that can save everyone from FIRPTA drama:

Personal residence rule: If the property sells for $300,000 or less and the buyer intends to live there, no withholding is required.
Withholding certificate: The foreign seller can apply to the IRS before closing to reduce or eliminate the withholding if they expect little or no tax due.
Entity status: If the seller is an LLC, partnership, or trust — things can get complicated. The title company will ask for tax ID numbers and entity documents to determine if FIRPTA applies.

Why FIRPTA matters more than you think

FIRPTA is one of those behind-the-scenes compliance things that keeps real estate transactions clean and IRS-proof. If the title company skips it or the agents don’t check, everyone’s life gets messy fast.

It’s not about punishing foreign investors — it’s about making sure U.S. tax law keeps up with international ownership in a world where people from anywhere can buy a condo in Miami or a cabin in Wiscansin (shout-out to my fellow T-Pain fans).

FIRPTA in Millennial Plain English

FIRPTA = “Foreign sellers have to pay taxes on U.S. real estate sales.”
Buyers must withhold 15% of the sale price and send it to the IRS.
The title company handles the paperwork and wires the money.
Skipping FIRPTA = buyer potentially owes thousands to the IRS.
Always collect a W-9 or W-8BEN early in the transaction.

Takeaway

FIRPTA isn’t cute or trendy, but it’s one of those real-estate grown-up things you have to get right.
Think of it like wearing sunscreen — you might not notice if you skip it once, but when you get burned, it’s going to hurt.

So next time a closing involves an international seller, don’t panic — just remember:
W-9 = chill, W-8BEN = hold the funds, send to IRS, and protect your buyer.

That’s FIRPTA in plain millennial English.

Please note: Any opinions discussed in this article belong solely to the author, Marissa Berends, and do not necessarily reflect the views of Capitol Lien.

About Capitol Lien

New to Property Shielding? Here’s Your Guide!

Marissa Berends — Wed, 22 Oct 2025 15:07:20 EST

Here’s a concise guide to where “Safe at Home”–style protections (address confidentiality/property shielding) are active in the U.S., and what they mean for title research.

Where these laws are active

Most states now operate an Address Confidentiality Program (ACP)—often branded “Safe at Home”—that lets eligible people (e.g., survivors of violence and stalking) use a state-issued substitute address in place of their residence on public records. Examples:

Minnesota – “Safe at Home” (Secretary of State program).
California – “Safe at Home” (Secretary of State; expanded in recent years).
Wisconsin – “Safe at Home” (Dept. of Justice).
Missouri – “Safe at Home” (Secretary of State).
Ohio – “Safe at Home” (Secretary of State; recent updates explicitly touch real-estate records and court filings).
Hawai‘i – ACP (Attorney General).
Tennessee – “Safe at Home” (Secretary of State).

Authoritative round-ups from state agencies confirm dozens of ACPs nationwide and identify the few states without programs.

Separately, several states provide special shielding for public officers (judges, prosecutors, law enforcement, certain government employees), often independent of ACPs:

New Jersey – “Daniel’s Law” (broad privacy/redaction regime for judges, prosecutors, law enforcement).
Texas – Tax Code §25.025 & Gov’t Code §552.1175 (lets qualified owners restrict assessor/records access to home addresses).
Florida – §119.071, F.S. (public-records exemptions that cover home addresses for numerous protected classes).
California – special protections for public officials & Safe at Home participants.

A national FOI survey also flags additional states with home-address exemptions layered on top of ACPs (e.g., Arkansas, Hawai‘i, Idaho, Missouri, Nevada, Utah).

What this means for title research

These protections do not eliminate land records, but they change how data appears and how researchers access it, creating practical hurdles:

Substitute addresses & redactions: Deeds, assessor rolls, voter files, and some court records may show a substitute address (typically a P.O. box managed by the state) or have home address fields redacted for protected parties. Matching people to property by name/address alone becomes unreliable.

Opaque grantor–grantee indexing: Some counties suppress or mask name/address combinations for ACP participants and protected officials. Researchers may need to rely more on parcel identifiers (APNs), legal descriptions, map books, and title-plant indices rather than conventional name searches. (See state program overviews describing substitute-address use across “new public records.”)

Assessor/recorder gatekeeping: Assessors in states like Texas and agencies in Florida/California must withhold residential addresses of protected classes. That can limit online lookups and require in-person requests, affidavits, or proof of statutory purpose to view unredacted records, if access is allowed at all.

Court filings & service of process: In places such as Ohio, ACP updates specifically touch real-estate records and court filings. Service may need to go through the program’s designated agent (often the Secretary of State), adding steps and time to quiet-title, foreclosure, HOA, or probate actions.

Name-change & identity continuity: Some jurisdictions (e.g., California) provide confidential name-change procedures for survivors. Title examiners must be alert to alias/AKA history and reconcile identity via non-public identifiers (SSNs are off-limits; rely on instrument numbers, prior APNs, or insurer/title-plant cross-references).

Third-party data risks: Even where statutes shield official records, private data brokers and listing sites may still expose information, creating gaps and inconsistencies. Laws like Daniel’s Law are actively litigated and evolving, which means rules of the road can change mid-transaction.

Practical workflow tips for researchers, examiners & attorneys

Start with the parcel, not the person. Anchor your search on APN, legal description, subdivision/lot, and instrument numbers rather than names/addresses when ACP participation is possible.
Check the local rulebook. Each state (and often each county) implements ACP/privacy statutes differently. Keep county recorder/assessor guidance handy and document any access requirements or denials.
Plan for alternate service. When litigation is likely, build in time for service via the ACP agent and court approvals for sealed/unredacted filings.
Tighten judgment & lien sweeps. Expect name variance/alias problems. Use statewide judgment indexes (where available) and insurer title plants; escalate edge cases for underwriter guidance.
Mind privacy liability. In Daniel’s Law states and others with officer shielding, improper publication (e.g., posting schedules or marketing materials with an officer’s home address) can carry statutory penalties. Train staff and vendors accordingly.

Bottom line

Active, widespread: ACP/“Safe at Home” programs now operate across most states (e.g., MN, CA, WI, MO, OH, HI, TN), and several states layer in extra protection for public officers (e.g., NJ, TX, FL, CA).
Operational impact: These laws complicate title research by obscuring name/address data, altering service-of-process routes, and tightening access to assessor/recorder records.
Manageable with process: Shifting to parcel-centric research, coordinating with county offices and ACP administrators, and documenting compliance will keep deals moving while respecting statutory privacy.

Please note: Any opinions discussed in this article belong solely to the author, Marissa Berends, and do not necessarily reflect the views of Capitol Lien.

About Capitol Lien

Sources:

Minnesota Secretary of State: About Safe at Home

California Secretary of State: Safe At Home FAQ

NASS: Expanding California’s Safe at Home Program July 11, 2023

Wisconsin Department of Justice: Safe at Home Address Confidentiality Program

Wisconsin Department of Children and Families: Safe at Home

Missouri Secretary of State: Safe at Home; Address Confidentiality Programs by State

Ohio Secretary of State: Survivors – Safe at Home

USFN: Ohio Expands “Safe at Home” Program to Include Real Estate Records and Court Filings

State of Hawaii Department of Law Enforcement: Hawaii Address Confidentiality Program (ACP)

Hawai’i State Legislature: HB2132

AP News: Tennessee program lets victims shield their addresses

Washington Secretary of State: Address Confidentiality Programs by State Updated 05/02/2024

Maine Secretary of State: Other States’ Address Confidentiality Programs

Reuters: New Jersey defends private law shielding judges, prosecutors

State of New Jersey: Daniel’s Law

Politico: How a law meant to protect public workers may have created a lawsuit gold mine

WIRED: The Future of Online Privacy Hinges on Thousands of New Jersey Cops

Texas Comptroller: Request for Confidentiality Under Tax Code Section 25.025

Texas Secretary of State: Address Confidentiality

Florida Legislature: The 2024 Florida Statutes (including 2025 Special Session C)

Florida DMS: Public Records Exemptions

California Department of Justice: Special Protection

NFOIC: Home Address Exemptions in State FOI Laws

Judicial Branch of California: Rule 2.575. Confidential information in name change proceedings under address confidentiality program

What Is Flood Insurance?

Marissa Berends — Tue, 21 Oct 2025 09:32:07 EST

Flood insurance is a specialized policy designed to cover damage caused by flooding—an event typically excluded from standard homeowners’ insurance. The National Flood Insurance Program (NFIP), administered by FEMA and established in 1968, provides most flood policies in the U.S., covering structural and contents losses up to specified limits. Since the 2010s, a growing number of private insurers have entered the flood insurance market, increasing competition and offering alternatives to the NFIP.

Why Flood Insurance Is a Rising Crisis

1. Climate Change Driving Flood Risks Up

Climate shifts have brought more frequent and intense storms, heavy rainfall events, and coastal flooding. Even regions historically considered low-risk now experience flood damage. Insurers recognize rising peril and are adjusting flood risk models accordingly.

2. Premiums Soaring Under Risk Rating 2.0

In 2021, FEMA upgraded its pricing model to Risk Rating 2.0, which ties premiums to individual property factors—like elevation, rebuild cost, and proximity to water—rather than outdated flood zone maps. Although intended for actuarial fairness, this model has triggered substantial premium increases—particularly in high-risk areas. Annual increases are capped at 18%, but many homeowners still face steep rises over multiple years. For instance, in Texas, average annual flood premiums surged from about $888 to $1,808—a 75% hike. In Florida, they doubled; in New York and New Jersey, they rose by several hundred dollars per year.

3. Rising Premiums Causing Coverage Gaps

As flood premiums climb, many homeowners—particularly in low‑income or flood‑prone regions—opt not to renew. FEMA data shows over 425,000 NFIP policies were dropped between late 2021 and mid‑2022 alone. In Louisiana, coverage dropped by over 30,000 homes in just a year, forcing residents to choose between flood insurance or essential expenses like food and healthcare.

4. The “Death Spiral” Risk

Insurance experts warn of a death spiral: as premiums rise and healthier policyholders drop coverage, the insurer pool becomes concentrated in higher-risk policies—driving rates even higher. This cycle threatens the sustainability of flood insurance markets, especially in climate-vulnerable areas.

5. Insurance Market Retreat & Systemic Danger

Insurers are exiting high-risk markets—particularly in states like California and Florida—citing rising claims and regulatory rate caps. At the same time, private insurers struggle to fully mitigate correlated climate risks, which continue to reduce diversification benefit and push up reinsurance costs. Experts warn this may precipitate a real estate crisis: mortgage lending becomes harder, property values fall, and homes become stranded assets as flood insurance becomes prohibitively expensive or unavailable.

Why This Matters to Homeowners and Communities

Home Values at Risk

Properties in coastal or flood-prone zones may see values drop significantly—by 20% to 40%, according to some assessments—making homes difficult to sell and driving financial losses for owners.

Financial Vulnerability

Without flood coverage, homeowners face crippling out-of-pocket expenses following flood events. For those with mortgages, lack of flood insurance can even trigger lender requirements or jeopardize loan terms. Rising insurance costs are already straining household budgets—combined premium and insurance hikes have contributed to financial distress and rising mortgage delinquency rates in multiple states.

Mitigation and Policy Solutions

To address these challenges, experts suggest:

Flood mitigation improvements—such as elevating homes, installing flood barriers, improving drainage—to qualify for lower rates via programs like FEMA’s Community Rating System (CRS).
Parametric insurance models, which automate payouts based on flood severity metrics—to accelerate recovery and lower administrative burden.
Policy reforms, including premium caps, better disclosure laws, and updated flood maps, to ensure affordability and financial transparency.

Flood insurance is no longer a marginal concern—it’s a rapidly escalating challenge across America. Climate change, outdated risk models, and continual development in flood‑prone areas are pushing flood insurance costs through the roof. Coverage gaps are expanding, insurers are pulling back from high-risk markets, and homeowners face increasing financial peril.

Addressing this crisis will require more than insurance—it requires investment in mitigation infrastructure, smarter risk modeling, broader market resilience, and public policy that balances actuarial fairness with real-world affordability.

Please note: Any opinions discussed in this article belong solely to the author, Marissa Berends, and do not necessarily reflect the views of Capitol Lien.

About Capitol Lien

Sources:

Wikipedia: Homeowner Flood Insurance Affordability Act of 2013; Homeowner Flood Insurance Affordability Act of 2014; Climate change and insurance in the United States

Insurance.com: Flood risk rises but most homeowners still don’t have flood insurance

CNN: Homeowners brace for higher flood insurance rates as FEMA launches changes to national program

Fox 8: Rising costs forcing some homeowners to forego flood insurance

The Flood Insurance Guru: Why are Flood Insurance Rates Going Up and What Can You Do About It?

Context.com: U.S. overhauls flood insurance to meet rising climate change risks

Global Growth Insights: Flood Insurance Market Trends

The Wall Street Journal: Storms Be Damned, Florida Keeps Building in High-Risk Areas

Baxter Insurance Agency Inc: Why Are Texas Flood Insurance Rates Rising Sharply

GARP: Rising Waters: Navigating the Future of Flood Risk and Insurance

America’s Flood: Why Are Flood Insurance Rates Increasing?

The Times: US real estate’s next crisis is climate change, warns Big Short guru

Live Insurance News: Higher cost of flood insurance causes massive coverage dropping trend

KALB 5: Insurance reform worsens affordability in flood-prone Louisiana

Investopedia: Flood Risk May Surpass Wildfire Risk in California By 2025, Addition To Home Insurance Costs

Center for American Progress: Managing the Climate Change-Fueled Property Insurance Crisis

MarketWatch: Home insurance costs so much now that people can’t pay their mortgages. Another looming threat could make things even worse.

Austin American-Statesman: Texas GOP won’t say it, but climate change is on special session agenda

What Is the Torrens Land System?

Marissa Berends — Wed, 24 Sep 2025 14:53:40 EST

The Torrens system is a land registration framework that simplifies property ownership verification by issuing a Certificate of Title, which is definitive proof of ownership under state supervision. Unlike the traditional “abstract” system—where historical deeds must be traced and examined for potential defects—the Torrens certificate provides clarity, security, and legal certainty.

Key Advantages of Torrens Title:

Indefeasibility: The registered owner’s title is protected against most claims, except under narrow circumstances like fraud.
Mirror principle: The register accurately reflects all current interests affecting the property.
Curtain principle: Buyers need not examine historical documents—they rely solely on the Certificate of Title.
Indemnity principle: The system includes compensation for losses due to registrar errors or fraud.

In Minnesota, Torrens was authorized for use starting in 1901 and expanded statewide by 1909. Registration occurs through a judicial process overseen by the county’s Registrar of Titles and their appointed Examiner of Titles.

Torrens vs. Abstract Title in Minnesota

Minnesota employs both systems concurrently. In the abstract system, title companies must review a chain of deeds to assess ownership. Torrens title streamlines this by offering a legally backed, court-certified title.

Even in urban areas like Hennepin County, approximately 45% of parcels are Torrens property, with the remaining majority held under the abstract system.

How Many Registered (Torrens) Properties Exist Today in Minnesota?

There’s no statewide aggregate publicly available count of Torrens-registered parcels. Instead, counts are maintained at the county level, often listed via GIS maps, Recorder’s offices, or downloadable PDFs.

For example:

Clay, Chisago, Lake, Stevens, Crow Wing, and Olmsted counties each provide detailed listings or searchable databases of Torrens parcels.

To determine the total number of Torrens properties statewide, one would need to compile data across all Minnesota counties—a potentially sizable but manual undertaking.

Did you know that the Torrens system (or similar court-certified land title registration systems) exist in:

Massachusetts – Uses a Land Court that oversees registered land under a Torrens-type system.
Colorado – Authorized statewide but used very rarely, mainly in older cases.
Georgia – Still has a registration system, though it is seldom used and sometimes considered dormant.
Hawaii – Maintains a dual system with both Land Court (Torrens) and regular title records.
North Carolina – Torrens registration still exists under state law, but it is rare.
Ohio – Known as “Registered Land” under county Recorders; still active in some counties.
Washington – Some counties maintain Torrens-style registered properties, though few new registrations occur.

A few other states – like Illinois, Oregon, and California – once had Torrens statues but have since repealed them or allowed them to lapse entirely.

Summary

Torrens system offers a certificate-backed, streamlined, and secure method of land title registration, reducing complexity and risk.
In Minnesota, while widely available since the early 1900s, Torrens remains optional and exists alongside traditional abstract title.
Nearly half of urban parcels (e.g., in Hennepin County) may be Torrens registered, but a full statewide count requires data from individual counties.

In short: The Torrens system delivers greater certainty and ease in real estate transactions, especially valuable for buyers and sellers alike. While its adoption in Minnesota is significant, particularly in metro areas, discovering the exact number of Torrens-registered properties would involve gathering data county by county.

Please note: Any opinions discussed in this article belong solely to the author, Marissa Berends, and do not necessarily reflect the views of Capitol Lien.

About Capitol Lien

Sources:

Fredrickson: Who Was This Torrens Guy? And What Does He Have to Do With My Property?

Commercial Parters: What to Know About The Torrens Property System in Minnesota

Chisago County: Torrens Title

Wikipedia: Torrens title

Breen & Person LTD: Torrens vs. Abstract Title

Patch: Does it Matter if Your Minnesota Home is Abstract or Torrens Property

U.S. Housing Market Hits 30-Year Low in Home Sales: Causes and Consequences

Marissa Berends — Mon, 08 Sep 2025 10:48:31 EST

The U.S. housing market has officially hit a historic milestone—but not the kind that sparks celebration. According to recent national data, home sales have dropped to their lowest level in over 30 years, signaling a deepening freeze in one of the most critical sectors of the American economy. The last time housing sales were this low was during the early 1990s, amid a recession and a savings and loan crisis. Today’s decline, however, is being driven by a unique mix of modern economic pressures that have stalled buyer activity and locked sellers in place.

The Numbers Behind the Drop

Existing-home sales have declined dramatically year-over-year, with many months in 2025 showing double-digit percentage drops. At the current pace, annualized sales volumes are below even the lowest points of the 2008 financial crisis. New home construction sales have also dipped, although not as severely, buoyed slightly by builder incentives and mortgage buy-down programs.

According to the National Association of Realtors (NAR), affordability remains the key barrier. Median home prices remain elevated, interest rates are stubbornly high, and the inventory of homes for sale is severely constrained—all contributing to a steep reduction in transaction volume.

What’s Driving the Decline?

Several interconnected factors are at play:

1. High Interest Rates

Mortgage rates, which hovered around 3% in the early 2020s, have more than doubled in recent years. As of mid-2025, rates remain in the 7%–8% range. This spike in borrowing costs has priced many would-be buyers out of the market, shrinking the pool of qualified purchasers and dramatically increasing monthly payments on already expensive homes.

2. Inventory Lock-In

Current homeowners who secured low-interest mortgages in past years are reluctant to sell and face much higher rates on a new mortgage. This phenomenon—often referred to as the “golden handcuffs” of low-rate loans—has kept existing-home inventory at record lows, further tightening the market and making it even harder for buyers to find suitable options.

3. Persistent Home Price Inflation

Despite falling demand, home prices have remained elevated in most regions due to tight supply. This imbalance continues to discourage first-time buyers and those looking to upsize, particularly in coastal and urban markets where affordability was already strained.

4. Economic Uncertainty

Ongoing concerns about inflation, job stability, and the broader economy have made consumers more cautious. Even those with the means to buy are waiting on the sidelines, hoping for market conditions to stabilize or improve.

Impacts on the Economy

The housing market is a major engine of the U.S. economy, influencing everything from construction and home improvement to furniture and appliance sales. A prolonged slowdown has ripple effects—reducing employment in housing-adjacent sectors, slowing local tax revenues, and cooling consumer spending.

Additionally, fewer home sales mean fewer opportunities for families to build wealth through real estate. The freeze particularly affects younger buyers, many of whom are already burdened by student debt and face limited job mobility due to housing costs.

Looking Ahead

While some economists believe a soft rebound may be possible if interest rates begin to fall later in 2025, others warn that systemic challenges—like income stagnation, limited housing supply, and regional imbalances—could keep the market subdued for years. Government policy, including efforts to boost housing supply and improve affordability, may play a critical role in shaping the market’s recovery.

In the meantime, both buyers and sellers remain in a state of limbo. Until affordability improves and market dynamics shift, the U.S. housing market will continue to operate well below its historical average—marking a significant and sobering chapter in the nation’s real estate history.

Please note: Any opinions discussed in this article belong solely to the author, Marissa Berends, and do not necessarily reflect the views of Capitol Lien.

About Capitol Lien

Understanding Mineral Rights and the Importance of Trained Mineral Researchers

Marissa Berends — Fri, 05 Sep 2025 12:35:06 EST

Mineral rights refer to the ownership of the subsurface resources beneath a parcel of land, including valuable commodities like oil, gas, coal, precious metals, and other minerals. These rights can be bought, sold, leased, or inherited separately from surface rights, meaning one party might own the land’s surface while another owns the mineral rights below it. This separation can create legal complexities, especially when it comes to determining ownership or preparing for development, extraction, or transfer of rights.

In real estate and energy development, properly identifying mineral ownership is crucial. It affects not only the value of the land but also potential royalties, legal responsibilities, and lease agreements. Because of the intricacies involved, mineral rights searches should be entrusted to trained and experienced mineral researchers.

The Complexity of Mineral Rights

Unlike surface rights, mineral rights often pass through many hands over generations and may be divided among multiple parties. It is not uncommon for a single parcel of land to have dozens of mineral rights owners, each holding fractional interests. This division becomes even more complex when historical transfers or leases were not properly recorded, or when rights were retained in past deeds but not clearly defined.

Mineral rights may be governed by different legal principles depending on the state. For example, in some jurisdictions, dormant mineral rights may revert to the surface owner after a period of inactivity, while in others, specific action is required to claim abandonment. These distinctions further emphasize the importance of having professionals conduct the research.

Why Trained Mineral Researchers Are Essential

Conducting a mineral rights search is far more detailed than a standard title search. It involves reviewing a variety of legal documents, including:

Patent records and land grants
Deeds with mineral reservations
Oil and gas leases
Probate records
Division orders and royalty agreements
Severance deeds and quit-claims

A trained mineral researcher understands how to navigate these records, interpret legal language, and piece together the ownership history across decades—or even centuries. They are familiar with the courthouse systems, state laws, and common pitfalls such as overlooked heirships or improperly indexed documents.

Additionally, mineral researchers are trained to identify and resolve curative issues—problems that may arise due to defects in the chain of title. This is particularly important when energy companies or landowners are preparing for leasing or production, as any unresolved ownership questions can delay or jeopardize operations.

Risk of Inaccurate Searches

Inaccurate or incomplete mineral research can lead to serious legal and financial consequences. If an energy company leases from someone who does not actually own the mineral rights, the lease could be invalid. Likewise, landowners may unintentionally relinquish valuable rights or become involved in legal disputes if ownership isn’t properly established.

Hiring untrained individuals or relying on generic property reports may save money in the short term, but it introduces unnecessary risk. Trained mineral researchers offer not only accuracy but also efficiency. Their expertise enables them to detect red flags and advise clients on potential complications before they become costly problems.

Conclusion

Mineral rights are a valuable and often misunderstood aspect of property ownership. Their complexity demands specialized knowledge and attention to detail that only trained mineral researchers can provide. Whether for personal, legal, or commercial purposes, investing in professional mineral research ensures that rights are accurately identified, protected, and transferred. In an industry where a single document can change the course of a transaction, expertise is not optional—it’s essential.

Please note: Any opinions discussed in this article belong solely to the author, Marissa Berends, and do not necessarily reflect the views of Capitol Lien.

About Capitol Lien

FHFA Title Acceptance Pilot: What to know

Marissa Berends — Tue, 02 Sep 2025 15:42:54 EST

What Is the FHFA Title Acceptance Pilot?

Announced on March 7, 2024, the Federal Housing Finance Agency (FHFA) launched the Title Acceptance Pilot as part of broader efforts by the Biden administration to reduce homeownership and refinancing closing costs.
The pilot waives the requirement for lender’s title insurance or an attorney opinion letter (AOL) in certain low-risk refinance transactions, specifically those with loan-to-value ratios under 80% and no prior liens or encumbrances.
Instead of purchasing coverage from a state-regulated title insurer, Fannie Mae (and potentially a fintech vendor) would assume the title risk directly.

Why It’s Being Promoted

The program is hailed as a way to reduce closing costs, potentially saving homeowners $300–$1,500 per transaction, according to federal estimates.
FHFA argues that for refinance deals where borrowers already own clear title, title insurance for the lender is redundant and unnecessary.
Homeowners may still choose to purchase their own title policy or attorney opinion independently—nothing is mandatory under the pilot.

Why the Title Industry Is Skeptical

1. Consumer Protection & Fraud Risk

The American Land Title Association (ALTA) and 14 state Attorneys General criticize the pilot for shifting risk to Fannie Mae, potentially exposing borrowers to title defects or forgery that tools alone may miss.
Members of Congress warn that automated public-record review cannot replace expert underwriting, leaving hidden threats like unrecorded liens or fraud undetected.
ALTA notes that 30% of claims are tied to issues invisible via records alone, which automated systems cannot detect.

2. Federal Overreach vs. State Regulation

Title insurance is regulated at the state level, long understood as the mechanism to protect property rights. The pilot represents a federal intrusion into a domain historically governed by states.
Industry groups argue the FHFA lacks both the regulatory authority and the institutional infrastructure to manage title risk effectively.

3. Lack of Transparency & Public Input

Critics say FHFA fast-tracked the pilot without soliciting adequate public comment, deviating from internal rules meant to assess public interest thoroughly .
Lawmakers and regulators argue the plan disproportionately favors higher-income homeowners, doing little to address affordability for first-time or low-income buyers.

4. Minimal Practical Impact

Analysts, including Fitch Ratings and BTIG, suggest the pilot’s narrow eligibility—limited to low-risk refinances—is unlikely to dent title insurer revenue or disrupt the industry significantly
Critics see the pilot as symbolic or political posturing rather than a substantive solution to closing cost concerns.

Response from Policymakers & Stakeholders

14 State Attorneys General, led by Tennessee’s AG, formally urged FHFA to terminate the pilot, warning it undermines state oversight and exposes consumers to risk.
Members of the bipartisan Congressional Real Estate Caucus wrote to FHFA Director Sandra Thompson, calling the pilot faulty and warning of potential financial loss for homeowners and lenders.
Former ALTA CEO Diane Tomb called the pilot “a purely political gesture offering a false promise of savings”.

Aspect	FHFA Pilot	Title Industry Concerns
Coverage Requirement	Waives lender’s title insurance / AOL for low-risk refis	Exposes homeowners and lenders to unseen title defects
Risk Carrier	Fannie Mae or fintech vendor	Unregulated entity lacking robust underwriting infrastructure
Benefit Scope	Limited to high-equity, refinance-only transactions	Negligible cost savings; potential for confusion and risk
Regulatory Oversight	Federal-driven pilot via FHFA	Conflicts with state-regulated insurance framework
Transparency & Public Input	Fast-tracked rollout	Little stakeholder engagement; lacks broad applicability

Bottom Line

The FHFA Title Acceptance Pilot is an experimental approach intended to reduce costs for selected refinance borrowers by removing a lender’s title insurance requirement. While that may sound beneficial, major stakeholders—including ALTA, state Attorneys General, and key Members of Congress—warn it carries risks:

It shifts risk from regulated insurers to Fannie Mae.
It relies on automated title reviews, which can miss hidden title problems.
It bypasses long-standing state regulatory oversight of the title industry.
And its limited scale suggests minimal real-world savings, primarily benefiting higher‑equity homeowners rather than helping first-time or low-income buyers.

Title professionals remain highly skeptical that the pilot represents a safe or effective way to reform the industry—and many see it as unnecessary federal overreach.

Please note: Any opinions discussed in this article belong solely to the author, Marissa Berends, and do not necessarily reflect the views of Capitol Lien.

About Capitol Lien

Sources:

Inman: Campaign to stop Fannie Mae title waiver pilot program resumes

National Mortgage Professional: Title Insurance Waiver Pilot Offers ‘False Promises’, ALTA Says

Selling More Real Estate: The FHFA Title Acceptance Pilot: A Misguided Federal Overreach

Alita Group: Cutting Closign Costs: FHFA’s Title Acceptance Pilot Explained

Housingwire: Don’t be fooled, the FHFA title acceptance pilot is simply a misguided federal overreach; Title waiver pilot program will have little impact on the industry: Fitch Ratings; Lawmakers challenge FHFA’s title insurance waiver plan

FHFA: Director Sandra Thompson’s Statement on Title Acceptance Pilot

ALTA: ALTA Applauds Leadership of 14 State Attorneys General Urging Termination of Biden Administration’s Title Waiver Program; 14 Attorneys General Urge FHFA to Terminate Title Waiver Pilot; Bipartisan Congressional Real Estate Caucus Urges FHFA to Halt Title Insurance Waiver Pilot

The Wall Street Journal: White House Revives Plan to Save Homeowners Money on Closing Costs

Wisconsin Home Sales Rise in June for First Time in Four Years

Marissa Berends — Wed, 27 Aug 2025 09:18:14 EST

In a positive shift for the state housing market, Wisconsin recorded an 8.1% increase in existing home sales during June 2025, compared to the same month in 2024—the first June uptick in four years.

Key Metrics at a Glance

Home sales rose by 8.1% year‑over‑year in June.
The median sale price climbed 4.6% to $340,000, up from $325,000 in June 2024.
Affordability improved by 2.6% compared to a year earlier, though it remains tight by historical standards.
Nationwide listings and inventory expanded: new statewide listings rose 5%, total inventory increased 4.7%, and months of supply climbed 8.1%, though it still lingers at just four months, signaling a persisting seller’s market.

What’s Driving the Increase?

A Seasonal Surge Meets Improved Supply

June typically accounts for about 11.5% of annual closings in Wisconsin, making it a key period for sales activity. This year’s rise reflects seasonally strong performance buoyed by modest inventory improvements.

Price Moderation Providing Relief

After years of rapid gains, median home price appreciation has now softened. This marks the fourth straight month where annual price growth remained under 5%, a significant cooldown from the pandemic-era surge.

Economy expert Tom Larson, CEO of the Wisconsin REALTORS® Association (WRA), emphasizes this moderation could reduce cost pressures in the Consumer Price Index, potentially easing inflation.

Regional Inventory Trends

Inventory trends improved across five of Wisconsin’s six regions compared to June 2024:

North region: up 17.6% to six months of supply—a balanced market.
Central region: up 15.4% to 4.5 months.
West region: up 4.9% to 4.3 months.
South Central remained steady at four months, while Northeast and Southeast saw modest improvements but are still below four months supply.

Even rural counties advanced closer to balance, reaching approximately 5.2 months of supply.

Broader Year-to-Date Context

While June showed encouraging momentum, the first half of 2025 still recorded virtually flat home-sales growth overall—just 0.1% higher than the same period in 2024. However, year‑to‑date median prices increased 6.7%, reaching $320,000.

Why It Matters

Buyer Activity Returns: After years of sluggish June performance, the rebound suggests renewed interest—perhaps from buyers who delayed decisions amid high mortgage costs.
Easing Affordability Pressures: Slight improvements in affordability give hope for entry-level buyers who had been frozen out in past months.
Market Stability Signs: Cooler price appreciation and extended inventory can shift the market from overheated to more sustainable dynamics.

As explained by Chris DeVincentis, Chair of the WRA Board, “June is usually our most active month for closings … so it was good to finally see an upturn.”

What to Watch Going Forward

Whether higher supply continues to ease competition, shifting toward a more neutral market.
Whether price growth remains moderate—or rebounds if demand accelerates.
If mortgage rates begin to decline later in 2025, potentially fueling further buyer interest.

Summary

June 2025 marked a meaningful as well as symbolic turning point for Wisconsin’s housing market: home sales increased by 8.1%, marking the first June uptick in four years, while median prices rose modestly by 4.6% to $340,000. Inventory trends improved—but with just four months of supply, the state remains firmly in a seller’s market. Moderating price gains and slight affordability improvements offer cautious optimism as Wisconsin heads into what is typically its busiest selling season.

Please note: Any opinions discussed in this article belong solely to the author, Marissa Berends, and do not necessarily reflect the views of Capitol Lien.

About Capitol Lien

Sources

Wisconsin REALTORS Association: June 2025 Home Sales Report

WSAW-TV: Wisconsin year-over-year home sales for June rise for first time in 4 years

WisPolitics: Wisconsin REALTORS Association: Report: June home sales rose for first time in four years

Berkshire Hathaway Homeservices| Fox Cities Realty – Northeast Wisconsin Home: June 2025 WI Market Report

Spectrum News 1: Wisconsin housing remains a seller’s market while supply still lags behind

Redfin: Wisconsin Housing Market: House Prices & Trends; Southeast, Wisconsin Housing Market Report June 2025

Zillow: Wisconsin Housing Market: 2025 Home Prices & Trends

The Effect of Removing Capital Gains Tax on Home Sales on the RE Industry

Marissa Berends — Thu, 14 Aug 2025 10:04:54 EST

The capital gains tax has long been a factor in the real estate transaction process, particularly for homeowners who see significant appreciation in the value of their property. While current tax law allows for certain exemptions—such as excluding up to $250,000 in profit for individuals and $500,000 for married couples filing jointly—the idea of removing the capital gains tax altogether on home sales has resurfaced in political and economic discussions.

If the capital gains tax on home sales were entirely removed, the real estate industry could experience a cascade of effects, both beneficial and potentially destabilizing. Here’s a breakdown of the likely impacts across different sectors of the market.

Increased Inventory from Long-Time Homeowners

One of the most direct effects would be a potential surge in home listings from long-term homeowners who have delayed selling due to fear of capital gains taxes. Many older homeowners, especially those in rapidly appreciating markets, hold onto their properties longer than they otherwise might, in part to avoid paying capital gains taxes. Eliminating this tax could unlock a significant portion of the housing inventory, easing supply constraints in many regions.

Acceleration of Real Estate Investment

The removal of capital gains tax would make residential real estate an even more attractive investment vehicle. Investors, including institutional buyers and individual landlords, would likely ramp up acquisitions of single-family homes, knowing they could exit these investments without incurring taxes on the profits. This could intensify competition in already tight housing markets, potentially driving up prices in the short term.

Short-Term Speculation and Market Volatility

Without the disincentive of capital gains taxation, short-term flipping could become more appealing. This might increase speculative behavior, especially in fast-growing markets, leading to more frequent buying and selling of homes. While this could stimulate real estate services like brokerage, title, and lending, it could also increase market volatility, potentially inflating a new housing bubble.

Affordability Concerns for First-Time Buyers

Although increased inventory might help moderate prices, the added pressure from investors and speculators could push home values higher, particularly in desirable markets. First-time buyers, already struggling with high prices, student debt, and limited savings, may find themselves squeezed out of the market by cash-rich buyers looking to take advantage of tax-free profits.

Changes in Government Revenue and Policy

Eliminating the capital gains tax on home sales would reduce federal and possibly state tax revenues. This could have implications for public services or lead to increased taxes elsewhere. Alternatively, it might prompt the government to revisit property tax structures or implement new real estate transaction fees to offset the loss. This policy change would also remove a key tool the government uses to regulate housing market dynamics and wealth distribution.

Impacts on Housing Mobility

One overlooked benefit of removing capital gains tax is the potential for improved housing mobility. Without tax penalties, homeowners may be more willing to move for job opportunities, family needs, or lifestyle preferences. This could lead to more fluid housing markets and better alignment between housing supply and demand across regions.

Conclusion

The removal of the capital gains tax on home sales would dramatically reshape the real estate industry. It could unlock inventory, boost investment, and encourage mobility, but it also risks fueling speculation and worsening affordability. While the idea may be attractive to homeowners and investors alike, policymakers would need to carefully consider the broader economic consequences and implement safeguards to protect first-time buyers and ensure housing stability.

About Capitol Lien

Interest Accruing on Student Loan Debt & the Current Economy

Marissa Berends — Thu, 31 Jul 2025 10:07:16 EST

Let’s take a look at the resumption of student loan interest starting August 1, 2025, and discuss the mounting economic implications amidst sustained inflation:

What’s Changing on August 1, 2025

Beginning August 1, 2025, the U.S. Education Department will resume charging interest on approximately 7.7–8 million borrowers enrolled in the paused SAVE (Saving on a Valuable Education) income-driven repayment plan. These borrowers had enjoyed a zero-interest forbearance period following a federal court injunction halting SAVE. According to official estimates, restarting interest could add an average of $3,500 in annual interest costs per borrower.

Although monthly payments are temporarily paused, accrued interest will be capitalized once repayment resumes, thereby increasing principal balances.

The Economic Context—Inflation at 2025’s Peak

While headline inflation had cooled earlier in 2025, new factors—including tariffs—threaten price gains again.
Many U.S. households are increasingly stressed: rising costs for essentials reduce discretionary income and amplify financial fragility.
Student loan collections have already triggered credit turmoil: millions saw credit scores drop by over 100 points in early 2025

Why This Matters—Three Faces of Impact

1. Financial Strain on Borrowers

Higher overall costs: Interest resumption means borrowers may owe thousands more annually.
Budget pressure: Borrowers facing inflated housing, food, and healthcare costs must now accommodate growing debt burdens.
Credit risk remains high: Resume of collections and soaring delinquencies—approximately 25% of the $1.6 trillion portfolio—threaten credit access and consumer spending.

2. Wider Economic Drag

Reduced consumer spending: Borrowers with tighter budgets may cut back on retail, travel, dining—slowing overall consumption.
Tightened credit conditions: Lower credit scores can reduce borrowing across sectors like autos, homes, and small business.
Weaker economic growth: Sluggish consumer demand and tightening credit could undercut GDP growth already clouded by inflation pressures.

3. Policy Dilemma

Inflation-fighting vs. relief: The Federal Reserve is constrained—easing monetary policy could reignite inflation. But voters still feel the pinch from rising debt burdens.
Political flashpoint: Resurrecting interest charges as inflation lingers is fueling criticism from Democrats and borrowers, upping calls for relief or refinancing programs.

How Borrowers & Policymakers Are Responding

For Borrowers:

Explore alternate plans: Shifting into existing income-driven repayment (IDR) plans like IBR may lower monthly payments compared to post-SAVE terms.
Consolidate or refinance: Refinancing federal into low-rate private loans could reduce costs—but may sacrifice benefits.
Adjust budgets aggressively: With inflation pinching real income, tight budgeting, extra income efforts, or bi-weekly payments may help tame debt burdens.

For Policymakers:

Expand forgiveness or relief: Renewed interest behind proposals for targeted forgiveness or interest waivers—particularly for borrowers in distress.
Enhance IDR infrastructure: Backlogged plan applications (~1.5 million) and transitions from SAVE highlight need for faster servicer performance.
Coordinate macroeconomic policy: Harmonizing Fed actions with fiscal support measures could balance inflation control without overburdening households.

Bottom Line

As interest resumes on student loans starting Aug 1, 2025, more than 7.7 million borrowers face a steep rise in debt just as inflation squeezes their finances. This policy move risks cascading effects—from reduced consumer spending and credit access to broader economic stagnation. Borrowers must proactively explore new repayment options, while policymakers grapple with balancing inflation control and household financial resilience.

Please note: Any opinions discussed in this article belong solely to the author, Marissa Berends, and do not necessarily reflect the views of Capitol Lien.

About Capitol Lien

Sources:

Money.com: Student Loan Interest to Resume Accruing for 8 Million Borrowers. Should You Switch Plans?

MarketWatch: Democrats urge Trump administration to ‘immediately reverse’ policy restatring interest charges for millions of student loan borrowers; Millions of Americans are about to see their student loans accrue interest again. Here’s what to know.

Forbes: Millions of Studen Loan Borrowers Could Face $3,500 More Per Year In Interest – Here’s Why; Student Loan Borrowers, Do These 5 Things As The ‘Big, Beautiful Bill’ Takes Effect

PoliticoPro: Borrowers in SAVE forebearance will accrue interest starting in August

Financial Times: Studen loans: a drag, not a disaster

Investopedia: Education Department Resumes SAVE Plan Interest Accrual; Inflation Can Make Repaying Student Loans Even Harder – Here’s What You Need to Know; What Effects Would Mass Student Loan Defaults Have on the US Economy

Earnest: Interest will resume on SAVE Plan loans on August 1, 2025 – here’s what it means and what to do

Four Corners Learning: Understanding the Impact of Resumed Interest on U.S. Student Loans

Times of India: US student loan crisis deepens: How SAVE Plan borrowers could pay $3,500 more in interest annually

King5 News: Dept. of Education announces they’ll start interest accumulation on SAVE plan loans in weeks

Axios: Calm before [the] storm

The Wall Street Journal: The Federal Government Is Retreating From Student Lending

AP News: Credit Scores decline for millions as US student loan collections restart

CBS News: Are you a student loan borrower? Here’s how the One Beautiful Bill Act could affect you.

Research.com: Current Student Loan Interest Rates and How They Work for 2025

U.S. Department of Education: U.S. Department of Education Continues to Improve Federal Student Loan Repayment Options, Addresses Illegal Biden Administration Actions

Bankrate: Major changes coming to federal student loan program and other student loan news

HACKED: Cyberattacks and the County Recorder’s Office

Marissa Berends — Mon, 28 Jul 2025 12:14:51 EST

It’s no secret that the real estate sector has fallen victim to fraud in different forms, but recently, there have been more reports of hacking county recorders’ or register of deeds’ office records. With nearby Wexford County, Michigan and Iowa County, Wisconsin both suffering from recent attacks, public knowledge of these incidents can help prevent another hack in the future.

Deeds Offices Hit by Cyberattacks and Ransomware

Jackson County, Missouri suffered a ransomware attack in spring 2024, resulting in the loss of deed and lien documents recorded between March 29 and April 1. Title insurance agents were unable to verify mortgages or liens, stalling real estate closings.
In North Carolina, Cumberland and Hoke Counties had their Register of Deeds systems disabled after a ransomware attack on a third‑party vendor. Although no data was permanently compromised, online deed searches and plat lookups became inaccessible for days. Lawyers and realtors reverted to in‑office or paper records to keep transactions moving.
A broader cyber‑attack tied to Cott Systems—a digital service provider used by many counties—did severe damage in December 2022. At least 21 states, including Onondaga (NY), Florence (SC), Vermont towns, North Carolina, Iowa counties, and multiple Ohio counties, saw deed‑recording halted for days or weeks. Some counties lost access to decades of electronic records.

Impact on the Title Industry & Real Estate Markets

Major Effects:

Title searches stalled or delayed
Without access to online records, title companies couldn’t verify whether taxes, liens, or prior deeds existed. Many closings were delayed; some sellers had to sign affidavits about unknown encumbrances.
Manual backups strain resources
Offices resorted to paper-based record searches or in-person access, slowing turnaround times and increasing error risk. Some smaller counties managed with manual entry; larger ones became gridlocked.
Escrow and lender complications
Particularly where vendor outages occurred (e.g. Fidelity under ransomware), funded transactions could not record, causing buyers to lose rate locks, lenders to back out, and title underwriters to face financial disruption. As one title‑industry insider on Reddit described it, “scary… lenders have sent money… funded… but when they went to record they haven’t been able to.”
Increased potential for deed fraud

Missing or inaccessible records create windows of opportunity for impersonation scams. Deed fraud incidents skyrocketed in places like Michigan (e.g. Zina Thomas stealing 30+ homes via forged quitclaim deeds) and high-value properties like Graceland. AI tools make forging documents more convincing than ever.

Emerging Data & Trends

A 2025 REALTOR® survey revealed 63% of association leaders reported deed or title fraud activity in their markets over the past year—especially pronounced in the Northeast (92%).
A 2024 American Land Title Association (ALTA) brief estimated over $10 billion lost in imposter scam‑related fraud in 2023 alone, much of it involving forged property documents.

Broader Implications for Property Owners, Title Companies, and Regulators

For Homeowners & Sellers:

Legal and financial exposure: If deed records cannot be verified, homeowners may find lien claims or fraudulent sales unknown until much later.
Rising reliance on enhanced title insurance: Coverage such as “Homeowner’s Policy of Title Insurance” can protect against post-purchase fraud, but standard policies do not always offer this.
Increased need for proactive monitoring: Many counties now offer free owner-alert services that notify residents when records are filed in their name.

For Title Industry & Closing Professionals:

Operational delays and higher costs: Manual record retrieval, risk of missing documents, and increased legal reviews slow closing cycles and raise operational risk.
Vendor vetting and cybersecurity hygiene: Title insurers, vendors, and county offices must invest in stronger identity verification, multi-factor authentication, and cyber-hardened infrastructure. ALTA and associations like PRIA and NNA have issued recommended practices for preventing deed fraud.

For Counties & Public Sector:

Need for resilience and backup systems: Relying on single vendor platforms without offline redundancy poses serious risk to essential public record access.
Public awareness and reporting frameworks: Educating residents and enabling them to report suspicious filings is essential, especially for elderly or out-of-state owners.

Case Spotlight: Jackson County, MO—Lessons in Disruption

Documents from March 29–April 1, 2024 were lost. Underwriters could not confirm clear title, putting buyers, sellers, and lenders at risk. Title agents stayed in constant communication with county officials.
Even as recovery continued, open questions remained: Were any liens or transfers recorded? Could undisclosed mortgages exist? That uncertainty is what underpins the critical role of title companies—and the risk of fraud.

Recommendations for Industry Stakeholders

Counties: Build robust backup systems and cross-check platforms; offer owner-alert subscriptions.
Title companies: Ensure enhanced fraud detection workflows; consider escrow contingency planning when vendor outages occur.
Homeowners: Enroll in property watch services; review title insurance policy options that include post‑purchase fraud coverage.
Policy & trade associations: Standardize identity verification at notaries and county filings; push for state-level registries and quick remediation processes.

In Summary

Register of Deeds offices nationwide have become soft targets for ransomware and cyberattacks—many via vulnerabilities in third-party recording platforms like Cott Systems. These disruptions not only delay closings and frustrate real estate professionals, but they also, crucially, expose property rights to impersonation fraud. As deed fraud climbs—with AI-enabled forgery aiding fraudsters—the title industry and property owners must both strengthen defensive protocols and empower victims through better insurance, alert systems, and legal frameworks.

Please note: Any opinions discussed in this article belong solely to the author, Marissa Berends, and do not necessarily reflect the views of Capitol Lien.

About Capitol Lien

Sources:

CityView NC: County still working to address ransomware attack on Register of Deeds server

Deeds.com: Hackers Struck in December. Deed Recorders Are Still Reeling

National Cyper Security: Cumberland County and Hoke County Registers of Deeds Face Ransomware

KCTV5: Ransomware attack leaves Jackson County with missing property records

ALTA: ALTA Partners With Other Groups Highlighting Deed Fraud Prevention; Several County Recording Offices Impacted by Possible Cyberattack

Ridge Abstract Corp: County Computer Systems Have Been Hacked

MyChesCo: Pennsylvania Realtors Sound Alarm on Rising Title and Deed Fraud, Urge Homeowner Vigilance

The Wall Street Journal: Scammers Tried to Sell Graceland. How to Prevent Your Home From Being Next.

California Land Title Association: Trade Groups Combating Deed Fraud

New York Post: Deed fraud is on the rise – here’s how to protect your home

Business Insider: Scammers are stealing homes from under their owners’ noses. AI is making it scarily easy.

The Decline of First-Time Homebuyers Over the Last 15 Years

Marissa Berends — Tue, 22 Jul 2025 10:35:19 EST

Over the past 15 years, the real estate market has undergone dramatic shifts, and among the most notable trends is the sharp decline in first-time homebuyers. Once a dominant force in the housing sector, first-time buyers have steadily lost ground in terms of market share. This drop is not only a reflection of changing financial realities but also a window into broader generational, economic, and societal shifts.

By the Numbers: A Shrinking Presence

According to the National Association of Realtors (NAR):

In 2010, first-time buyers accounted for about 50% of all home purchases.

By 2023, that share had fallen to just 26%, the lowest on record.

While the long-term historical average hovers around 38%, the trend over the last decade and a half suggests that affordability and accessibility are major obstacles.

This decline is especially striking given that Millennials and Gen Z are now the largest adult cohorts—yet they are not purchasing homes at the same pace as earlier generations.

Affordability Crisis: The Biggest Barrier

At the core of the decline lies a growing affordability crisis:

Rising Home Prices

Home prices have surged dramatically since the Great Recession, with the national median home price increasing over 100% since 2010. In many cities, wages have failed to keep pace with housing costs, making homeownership out of reach for many.

High Interest Rates

After years of historically low mortgage rates, the Federal Reserve’s rate hikes in 2022–2023 pushed mortgage rates to over 7%. Higher rates drastically increase monthly payments, reducing purchasing power—particularly for first-time buyers with limited down payments.

Student Debt and Cost of Living

Millennials, now in their prime homebuying years, are burdened with record levels of student debt. Combined with rising costs of rent, healthcare, and childcare, this makes it difficult to save for a down payment.

Structural Challenges in the Market

Beyond affordability, several systemic issues have compounded the problem:

Inventory Shortages

The U.S. housing market has long faced a shortage of entry-level homes. Builders have focused more on high-end properties, reducing options for budget-conscious first-time buyers.

Institutional Buyers

Large investors and hedge funds have increasingly bought single-family homes—particularly in post-2008 markets—driving up prices and reducing inventory available to individuals.

Tight Lending Standards

In the wake of the financial crisis, mortgage lending standards tightened considerably. Many younger buyers, especially those with less credit history or non-traditional income, find it difficult to qualify.

Generational Shifts and Lifestyle Changes

Cultural and economic shifts have also played a role in the changing dynamics:

Delayed Life Milestones

Younger generations are delaying marriage, children, and career stability—all traditional motivators for buying a home.

Urban vs. Suburban Preferences

Many Millennials prefer to live in walkable urban areas where homeownership is more expensive or simply not feasible due to high demand and limited supply.

Flexibility Over Roots

The rise of remote work and gig-based employment has made mobility a priority. Renting offers flexibility that buying does not.

Looking Ahead: Can the Trend Be Reversed?

Some recent developments offer hope:

First-Time Buyer Programs

Local and federal programs, such as down payment assistance and FHA loans, continue to support first-time buyers, though they have not kept pace with rising home prices.

Potential Rate Cuts

If the Federal Reserve eases interest rates in late 2025 or 2026, borrowing costs may come down—though this could reignite home price increases unless supply rises significantly.

Increased Focus on Affordable Housing

Policymakers are increasingly emphasizing the need for affordable housing construction and zoning reforms to promote entry-level home development.

Conclusion

The decline in first-time homebuyers over the past 15 years reflects a housing market increasingly out of reach for young and lower-income Americans. While the dream of homeownership hasn’t died, it has become significantly delayed—or reshaped entirely—for a large portion of the population.

Solving this crisis will require a multi-pronged approach: rethinking housing policy, expanding affordable inventory, easing lending restrictions responsibly, and addressing the broader economic conditions that are holding buyers back. Until then, the real estate market may continue to see first-time buyers play a smaller role than generations before them.

Please note: Any opinions discussed in this article belong solely to the author, Marissa Berends, and do not necessarily reflect the views of Capitol Lien.

About Capitol Lien

Let’s Talk about the US Dollar

Marissa Berends — Fri, 18 Jul 2025 16:58:46 EST

Here’s a detailed look at the current value of the U.S. Dollar Index and what analysts expect for the second half of 2025:

?? Current Value of the U.S. Dollar

The U.S. Dollar Index (DXY) currently sits around 96.6, marking its weakest level since early 2022.
This represents roughly a 10% decline year-to-date, the steepest drop in over three years.
This weakening reflects concerns over U.S. fiscal deficits, rising political uncertainty, potential trade disturbances, and expectations of Federal Reserve rate cuts.

⏭? Factors Driving the Dollar Outlook

1. Federal Reserve Policy

Markets are now pricing in about 67 basis points of Fed rate cuts over 2025
Lower rates typically reduce yield attractiveness, putting pressure on the dollar relative to other currencies.

2. U.S. Fiscal and Trade Policy

Uncertainty around tariffs, political interference at the Fed, and rising budget deficits—including potential trillions of dollars in new spending—have weakened confidence in the dollar.

3. Global Economic Trends

While U.S. GDP growth has been stronger than some peers, the gap between U.S. and global bond yields remains wide.
Meanwhile, other economies like the eurozone and U.K. are expected to perform more stably, narrowing policy rate differentials.

?? Projections for H2 2025

Short-Term (Q3 2025)

USD is projected to consolidate in the 96.6–97.6 range, with moderate support near current levels.
Technical resistance may limit upside, while renewed risk aversion or fiscal relief measures could lead to brief rebounds.

Mid- to Long-Term Outlook

Morgan Stanley expects the DXY to decline further—possibly down to around 91 over the next 12 months, driven by Fed easing and stronger international currencies.
J.P. Morgan and Bank of America suggest a more balanced outlook—still cautious, but hedging expectations of a stronger dollar into 2025 due to fiscal pressures.

?? Final Takeaway

The U.S. dollar is currently soft, near its weakest in three years, under pressure from rate cuts, fiscal concerns, and policy uncertainty.
In Q3 2025, it’s likely to linger around 96–97.
Into late 2025 and beyond, divergent forecasts suggest possible further weakness toward the low 90s—though a rebound isn’t impossible if inflation surprises or fiscal policy shifts lift confidence.
Please note: Any opinions discussed in this article belong solely to the author, Marissa Berends, and do not necessarily reflect the views of Capitol Lien.
About the Author
Marissa Berends is a Certified Abstractor and Industry Relations Coordinator at Capitol Lien, a nationwide due diligence and risk mitigation services provider. Since joining the company in September 2021, she has earned abstractor certifications in Minnesota, Nebraska, and North Dakota. She is pursuing her Wisconsin Title Examiner certification, which is expected to be completed in Fall 2025.
Marissa is involved with the following groups: Wisconsin Land Title Association’s (WLTA) Convention Committee & Young Title Professionals; Nebraska Land Title Association’s (NLTA) Convention Committee; Property Record Industry Association (PRIA) National Education Committee; Illinois Land Title Association’s (ILTA) Inclusion, Diversity, Equity & Acceptance (IDEA) Committee; and the National Association of Land Title Examiners and Abstractors (NALTEA).
About Capitol Lien
Capitol Lien empowers real estate and title professionals with trusted public record research and due diligence services nationwide. With 35 years of experience, Capitol Lien specializes in fast, accurate property and title searches, lien reports, and document retrieval that help title agents, underwriters, and legal teams operate their businesses with confidence. The Capitol Lien team takes the hassle out of title research with local experts and innovative tools that make it easier to mitigate risk, stay on schedule, and keep your closings moving smoothly.
Learn more at capitollien.com. Ready to simplify your title research? Send your next order to Capitol Lien and experience the difference trusted diligence makes.
Resources:
TradingView – U.S. Dollar Index
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Reuters – Morning Bid: Wall St flirts with new record
Barron’s – There’s a Wild Card Coming for Tech Earnings. It’s Not AI.
Cambridge Currencies – Will the Dollar Go Up in 2025? Here’s What the USD Forecast Says
The Times – Dollar slumps as Trump hints at new Fed chief
MarketWatch – Veteran strategist says a recession is coming that will hit ‘cup entirely full’ stock market
The Guardian – Wall Street hits record high on trade deal hopes; UK car exports to US halve due to tariffs – as it happened
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FOREX – Dollar forecast: Dollar Index (DXY) rebounds but pressure remains as geopolitics fade
FOREX – US Dollar Short-term Outlook: USD Reversal Keeps 2025 Downtrend Intact
Investor’s Business Daily – What Will Markets Bring In The Last Half Of 2025? Here Are A Few Clues
Time – U.S. Dollar Dips to Three-Year Low. Here’s What That Means for You
Bank of America – 2025 Midyear Outlook: As the fog of uncertainty lifts, what’s next for investors?
Reuters – US dollar outlook more subdued, but tariffs souring sentiment: Reuters poll
FX Street – US Dollar weakens as fiscal, tariff risks mount
Schwab – 2025 Mid-Year Outlook: U.S. Stocks and Economy
JP Morgan Asset Management – Where is the U.S. dollar headed in 2025?
Deloitte – United States Economic Forecast
Barrons – Wall Street Is Too Pessimistic on the Dollar. That Could Be a Problem.
Wikipedia – Reserve currency
Business Insider – Morgan Stanley Thinks The Dollar Has Further to Fall

Understanding Survivorship Marital Property vs. Joint Tenancy in Wisconsin

Marissa Berends — Wed, 16 Jul 2025 11:03:28 EST

When purchasing or inheriting real estate in Wisconsin, it’s important to understand the different ways property can be owned and transferred. Two common forms of property ownership are Survivorship Marital Property and Joint Tenancy with Right of Survivorship. While both arrangements include rights of survivorship—meaning the property passes automatically to the surviving owner—they have distinct legal implications and are used in different contexts. Here’s a breakdown of how they differ in Wisconsin.

Survivorship Marital Property

Definition:
Survivorship Marital Property is a unique classification under Wisconsin’s Marital Property Act, which governs property ownership between married couples. This form of ownership is only available to married spouses in Wisconsin and is specifically designated to pass the full interest of the property to the surviving spouse upon death.

Key Features:

Eligibility: Only available to legally married couples.
Ownership: Each spouse owns an undivided one-half interest in the property.
Survivorship: Upon the death of one spouse, the deceased spouse’s interest automatically transfers to the surviving spouse outside of probate.
Tax Benefits: At death, the entire property receives a full step-up in basis for capital gains purposes, which can result in significant tax savings if the surviving spouse sells the property.
Presumption of Ownership: In Wisconsin, most property acquired during the marriage is presumed to be marital property, and couples can elect to make it survivorship marital property by titling it as such on the deed.

Joint Tenancy with Right of Survivorship

Definition:
Joint Tenancy is a form of co-ownership that can be held by two or more individuals, regardless of marital status. When property is held in joint tenancy, each owner has an equal interest in the property, and the right of survivorship ensures that when one owner dies, their share passes to the surviving joint tenant(s).

Key Features:

Eligibility: Can be used by married or unmarried individuals, including family members, business partners, or friends.
Ownership: Each joint tenant owns an equal share of the whole property.
Survivorship: The deceased owner’s interest passes to the surviving joint tenant(s) automatically, bypassing probate.
Tax Considerations: Upon death, only the deceased’s share receives a step-up in basis. This can create a higher capital gains tax burden compared to survivorship marital property.
Creditor Implications: Creditors of one joint tenant can potentially force a sale of the property to satisfy debts.

Key Differences at a Glance

Feature	Survivorship Marital Property	Joint Tenancy with Right of Survivorship
Who Can Use It?	Married couples only	Anyone (married or unmarried)
Probate Avoidance	Yes	Yes
Ownership Interest	Equal 50/50 between spouses	Equal between all joint tenants
Step-Up in Basis at Death	Full (100%)	Partial (only decedent’s share)
Creditor Protection	Stronger protection in some cases	Weaker; subject to individual creditor claims
Tax Efficiency	Generally more tax-efficient	May result in higher capital gains taxes

Which Is Right for You?

Choosing the right form of property ownership depends on your individual situation:

Married couples who want a streamlined transfer of property and maximum tax benefits usually prefer Survivorship Marital Property.
Unmarried individuals or business partners may opt for Joint Tenancy to ensure the surviving party retains full ownership without going through probate.

It’s always advisable to consult a real estate attorney or estate planning professional to determine which ownership form best suits your needs, particularly when considering long-term financial and inheritance implications.

Conclusion

In Wisconsin, both Survivorship Marital Property and Joint Tenancy offer a way to avoid probate and simplify the transfer of property after death. However, their differences—especially in terms of eligibility, tax consequences, and legal implications—make it essential to choose carefully. Understanding how each option works can help you protect your assets, reduce legal complexity, and provide peace of mind for your loved ones.

Please note: Any opinions discussed in this article belong solely to the author, Marissa Berends, and do not necessarily reflect the views of Capitol Lien.

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