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The share of households believing the economy is improving soared to its highest level since NAR launched its quarterly Housing Opportunity and Market Experience (HOME) survey last year. Almost two-thirds of households say the economy is getting better, up from about half last quarter.
On March 1, 2017, the current economic expansion entered its 93rd month, making it the third longest in U.S. history. Before that, the title went to the 92 month long, 1982-1990 Morning-in-America recovery. The longest was the 1991-2001 10-year Tech Boom recovery. If this recovery makes it to April 18th, it will become the second longest, surpassing the 106 month 1961-1969 recovery. Three of the longest six recoveries have occurred since 1990.
Elliot F. Eisenberg, Ph.D
President Donald Trump in his speech to Congress on February 28th touched on several matters that concern the real estate industry: tax reform, repeal and replacement of the Affordable Care Act, infrastructure investment, and deregulation. More here.
While homeowners traditionally wait for spring to list their home, there are many good reasons to sell in the winter. Here’s what you can expect.
Source: RIS Media’s House Calls.
On January 31st, the Consumer Financial Protection Bureau fined a mortgage lender, two real estate brokerages, and a mortgage servicing company for referral arrangements the companies had entered into that CFPB says are prohibited under the Real Estate Settlement Procedures Act (RESPA). Read more.
The Trump Administration’s suspension of reduced FHA mortgage insurance premiums is the top story in the latest Voice for Real Estate news video from NAR. As many as 40,000 households could be priced out of home buying if the suspension remains in place, NAR says. Other segments look at the 10-year high in home sales in 2016, what’s happening with the Ben Carson nomination for HUD secretary, and how clients can use a reverse mortgage to buy a home. video link.
After peaking at 40.8 million in 2007, the number of tax returns claiming the mortgage interest deduction has steadily fallen, and as of 2013, the latest year from which data is available, stands at just 33.3 million. Not surprisingly, the amount of mortgage interest paid also peaked in 2007 at $491 billion and is now $296 billion, while the average amount of MID claimed/filer has fallen from $12,052 to $8,900.