Tax Plan Has Majority of Americans ‘Concerned’ About Homebuying

U.S. taxpayers don’t share Wall Street’s enthusiasm about the tax bill passed yesterday by Congress, at least when it comes to housing.

Of the about 2,300 people polled on behalf of Realtor.com, more than half said they are now either “concerned” or “very concerned” about being a homeowner. About 23 percent of respondents said the tax bill wouldn’t change their plans to purchase, and about 57 percent said it would have no effect on their plans to sell.

The survey was conducted on Dec. 18 and 19, before the Republican-led Congress passed a tax overhaul measure thatlimits interest deductions to the first $750,000 in new mortgage debt for married taxpayers filing jointly, down from the current cap of $1 million. It also doubles the standard deduction, making it less likely for homeowners to itemize tax returns and deduct mortgage interest.

More from Bloomberg.com: Ryan Pushes Trump to Follow Tax Win With U.S. Welfare Revamp

Realtor.com is owned by News Corp. and operates under a license from the National Association of Realtors, a trade group that has been outspoken in its opposition to the bill.

More from Bloomberg.com

source: https://finance.yahoo.com/news/tax-plan-majority-americans-concerned-165754660.html

US housing starts rose 3.3 percent in November

Construction of new homes increased 3.3 percent in November — with the gain largely coming from single-family houses being built at the strongest pace in more than a decade.

The Commerce Department said Tuesday that builders broke ground on homes last month at a seasonally adjusted annual rate of 1.3 million units. The increase marks a key moment in the recovery from the Great Recession: Builders started work on single-family houses at the fastest pace since September 2007, which was just a few months before the start of that economic downturn.

Ralph McLaughlin, chief economist at the real estate company Trulia, said completed new homes are likely to finish at a post-recession high, but completions are still just 65 percent of their 50 year-average.

Driving the rebound in home construction has been a shortage of existing properties being listed for sale.

Fewer people are putting their property on the market, despite healthy demand from buyers because the unemployment rate is at a 17 year-low and mortgage rates remain at attractive levels. New construction has filled some of this gap with starts on single-family houses rising 8.7 percent so far this year.

Still, not enough new homes are being built to totally end the supply squeeze. Over the past year, the number of sales listings for the much larger market for existing homes has fallen 6.4 percent.

The construction growth last month came from the South and West, while the Northeast and Midwest reported declines.

Builders are also backing away from the apartment rentals that until recently were a driving force behind the rebound in residential construction. Ground breakings for multi-family buildings such as apartment complexes have declined 8.5 percent year-to-date.

The move away from apartment construction has corresponded with a shift by the millennial population toward buying homes, said Mark Fleming, chief economist at First American Financial, a real estate transactions firm.

“The last two quarters have seen an increase, specifically a shift from renter occupied to owner occupied households, as Millennials age out of rentership and into homeownership,” Fleming said.

Building permits, an indicator of future construction, slipped 1.4 percent in October to 1.3 million. But the number of permits authorized so far this year has increased 5.8 percent.

Relatively low mortgage rates have helped would-be homebuyers, even as property prices have climbed faster than wages. The average rate on 30-year fixed-rate U.S. mortgages was 3.93 percent last week, slightly better than the 4.16 percent rate a year ago, according to mortgage Freddie Mac.

 

source: http://www.foxnews.com/us/2017/12/19/us-housing-starts-rose-3-3-percent-in-november.html

RD Training Systems successful seminar in Utah

RD Training Systems just completed their very successful seminar in Salt Lake City, Utah Tuesday.  It was an absolute pleasure getting to know the top agents in this market area and we want to see them exceed and move their business to the next level.
If you have any questions about this seminar or any future seminars, please contact us at
http://ift.tt/1S8LJfY or call our office and speak to one of our representatives to answer any questions you may have.
(844) 454-8787.

Rand, it was a pleasure to sit through your presentation. I’ve been a Realtor in Pocatello, Idaho for 40 years and started with Mike Ferry coming to little Pocatello, Idaho. First American Title had a contact with Mike and where I was from Costa Mesa and Mike’s office was in Newport Beach, I really listened to everything he had to say. You took the Ferry selling thoughts of 1979 and put that selling technique on steroids…
Enjoyed all you had to say!
WIN THE DAY!
Gary Seymour

RD Training Systems

Rick Kurtz

RD Training Systems successful seminar in Utah

RD Training Systems just completed their very successful seminar in Salt Lake City, Utah Tuesday.  It was an absolute pleasure getting to know the top agents in this market area and we want to see them exceed and move their business to the next level.

If you have any questions about this seminar or any future seminars, please contact us at

http://rdtrainingsystems.com or call our office and speak to one of our representatives to answer any questions you may have.

(844) 454-8787

 

Rand, it was a pleasure to sit through your presentation. I’ve been a Realtor in Pocatello, Idaho for 40 years and started with Mike Ferry coming to little Pocatello, Idaho. First American Title had a contact with Mike and where I was from Costa Mesa and Mike’s office was in Newport Beach, I really listened to everything he had to say. You took the Ferry selling thoughts of 1979 and put that selling technique on steroids…

Enjoyed all you had to say!

WIN THE DAY!

Gary Seymour