Top markets for affordable renovated housing inventory

Despite the rapidly deteriorating affordability, there is some hope for homebuyers in the form of renovated homes: properties that have been rehabbed into move-in ready condition after being purchased at auction.

HousingWire Magazine: December 2021/ January 2022

AS WE ENTER A NEW YEAR, let’s look at some of the events that we can look forward to in 2022. But what about what’s next for the housing industry?

Mortgage Tech Virtual Demo Day

Tune in to our live Virtual Demo Day on December 1st at 10am CT to experience demos from the most innovative tech companies in the Servicing, Audit and Post-Close space.

Logan Mohtashami on Omicron and pending home sales

In this episode of HousingWire Daily, Logan Mohtashami discusses how the new COVID variant, Omicron, will impact inflation and whether or not it will send mortgage rates lower.

Mortgage

Senate tax bill keeps mortgage interest deduction intact

House and Senate versions differ on housing cap

Senate Republicans are set to unveil their new tax reform today, but say they plan to keep the mortgage interest deduction intact.

A new article by Alan Rappeport and Thomas Kaplan for The New York Times reveals multiple senators announce the new bill will keep the current mortgage interest deduction cap at $1 million.

This is a change for the House tax reform bill, which would slash the MID in half to just $500,000.

This plan will likely receive much more support from the housing industry, which is currently united against the House tax bill. Housing experts explained the House bill could cause inventory shortages in many cities and be especially hard on areas such as California where home prices are higher.

From the NYT article:

As expected, Senate Republicans also plan to eliminate the ability of people to deduct the state and local taxes they pay, which could set up a huge battle with House Republicans who have been feverishly pushing lawmakers to preserve the deduction. The House bill currently limits the deduction to $10,000 for property taxes only, a provision Republicans from New Jersey and New York have said would not be enough to win their votes.

The Senate hopes to send its tax reform to President Donald Trump’s desk by Christmas. As for the House’s bill, the Ways and Means Committee is currently debating the bill, is expected to vote on it today and will send it to a full House vote next week.

The New York Times reports there are several other key differences between the two bills which the Senate and House will now be competing to pass. From the article:

The stark changes between the bills show the differences emerging as the House and Senate push forward with competing versions of the most ambitious tax code rewrite in decades.

The Senate bill would lower the corporate tax rate to 20 percent from 35 percent but would delay implementation for one year, with the new rate not kicking until 2019. The House bill includes no such delay and the White House has been lukewarm about such an idea.

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