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If you squat in a vacant property, does the law give you the house for free? Well, sort of 
Australia to Ban Foreign Investors from Buying Existing Homes to Boost Housing Supply 
Sales of existing homes plunged 10.5 m/m in November, to 4.76mn, well below forecast and consensus expectations for sales of about 5.30mn. The drop in sales was broad based across regions, with regional sales down between 6 and 15 percent on the month. The National Association of Realtors suggests that the Consumer Financial Protection Bureau's new "Know Before You Owe" rule, which went into effect on October 3 and requires new closing mortgage documentation, likely delayed sales past the end of the month.
The increase in the average closing time (41 days, November 2014: 36 days) and the November shift toward all-cash buyers (27%, previous: 24%) both support this conclusion.
"We expect delayed sales activity to be recouped in coming months as the real estate industry adjusts to these new regulations. Weaker-than-expected November sales suggest that a sizeable contraction in brokers' commissions will dampen otherwise solid residential investment growth in Q4", says Barclays.
