Forbes - Realtors Predict Tax Bill Will Cause Housing Prices To Drop In Every State
Republicans in the Senate have announced that they have enough votes to move their latest version of the tax reform bill forward. That's the case despite provisions in the proposal that have raised concerns, causing Senate Majority Leader Mitch McConnell (R-KY) to refer to the processas a "challenging exercise." One of the most controversial issues is how the bill might affect the housing market: The National Association of Realtors (NAR) is warning that the bill will cause housing prices to drop.
At first blush, that might sound a little surprising. After all, both the House and Senate bills would preserve the mortgage interest deduction - albeit with limitations. Specifically, under the House bill, new mortgages would be capped at $500,000 for purposes of the deduction, and the deduction would only apply to your primary residence. Under the Senate bill, the deduction would remain in place for mortgages up to $1,000,000, but the deduction for equity debt (meaning re-financing not related to improving your home) would be... ENTIRE ARTICLE AT: https://www.forbes.com/sites/kellyphillipserb/2017/12/01/realtors-predict-tax-bill-will-cause-housing-prices-to-drop-in-every-state
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