Public Affairs Update

Public Affairs Update………………………………….…………………………May 16, 2018

  • Million-Dollar Home Values Gain Even as Tax Deductions Shrink
  • CFPB’s Mulvaney Puts Focus on Cost-Benefit Analysis
  • Pizza & Public Affairs is on Summer Break, Resumes Wednesday September 5, 2018
  • In Case You Missed It

 

Million-Dollar Home Values Gain Even as Tax Deductions Shrink

The $1.5 trillion tax overhaul President Donald Trump signed in December capped mortgage-interest deductions on loans up to $750,000, down from the prior limit of $1 million. It also set a $10,000 maximum for state and local tax deductions, which were previously unlimited. Those provisions prompted one of the most powerful lobbying groups -- the National Association of Realtors -- to warn that home prices in some high-end markets would tank. The Realtors weren't alone in their grim projections. Sixty-three percent of economists surveyed by Bloomberg in November predicted reduced demand for home purchases. The outlook has improved since then. NAR Chief Economist Lawrence Yun said the group is now predicting a 4 percent gain in home prices across the country in 2018. While some taxpayers in California, a high-tax state with high home prices, may face increased tax burdens, but that is not damping interest in homes, he said. There's "consistent multiple bidding for $1 million homes after the tax reform," he said. Yun says NAR expected a big decline in prices based on earlier iterations of the tax overhaul. In addition, home prices have been supported due to a persistent housing shortage, he said. [Source: NAR Update 05-10-2018]

 

CFPB’s Mulvaney Puts Focus on Cost-Benefit Analysis

In a memo distributed to CFPB staff this week, Acting Director Mick Mulvaney outlined a reorganization for the Bureau that includes an emphasis on evaluating the cost of new regulations and their enforcement. » READ MORE [Source: DSNews.com 05-11-2018]

 

Pizza & Public Affairs is on Summer Break, Resumes Wednesday September 5, 2018  

 

In Case You Missed It