Items Tagged with 'tax bill'

ARTICLES

  • Bloomberg: Mozilo warns Republican tax changes may crash luxury home market in some coastal states

    Million-dollar homes may lose 40% of their value, Mozilo said
    Angelo Mozilo, the former CEO of Countrywide Financial, has kept a low profile since being branded the face of the mortgage crisis a decade ago. This week he gave a rare interview to Bloomberg Television to sound a warning about an impending crisis in the luxury segment of the housing market.
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  • Republican tax bill likely curtailed 2018 home sales, Fed economists say

    Housing market should have been able to “shrug off” last year’s rate gains
    Republican tax reform that capped mortgage and property deductions has curtailed the housing market, according to a blog post from economists at the Federal Reserve Bank of New York. While a 7.6% decline in the sales of new single-family homes from 2017’s fourth quarter through the end of 2018’s third quarter could be attributed to a 70 basis point rise in mortgage rates, the drop was larger than periods of similar rate gains in 2013 and 2016.
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  • Senate Finance Committee just passed its own, major tax overhaul

    Sets date for full Senate vote
    After a week of marking up its tax reform plan, the Senate Finance Committee passed the bill, sending it to the full Senate to vote on. The bill will keep the current mortgage interest deduction cap at $1 million, however has drawn fire from the housing industry for doubling the standard deduction.
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