Real Estate News 10/16/2024

Today’s News Synopsis:

Tax policy is set to take center stage after the election, as major portions of the tax code are due to expire by the end of 2025. Here’s a look at some of the major proposals on taxes from the two candidates and what they could mean for different taxpayers.

In The News:

The Hill – ” 5 things to know about Harris and Trump on taxes “ (10-15-2024)

“Trump and Vice President Harris are making bold proposals beyond those expirations, and the tax code could look substantially different in the coming years than how it looks now.”

FastCompany – “Housing data reveals how swing states could flip red or blue in the 2024 election“ (10-15-24)

“The great migration could shift political alignment of several key states for Trump and Harris, according to a new report from Realtor.com.”

CSB News –  “How much does a $200,000 home equity loan cost per month now that rates are cut?” (10-14-2024)

“As inflation and interest rates rose in recent years, so did the home equity for many homeowners. Right now, levels are at record highs, with the average homeowner possessing close to $330,000 worth of equity. That means owners can easily borrow a six-figure sum while still maintaining a healthy portion of the equity to potentially use at a later date.”

CNBC –  “How a rare type of mortgage is landing homebuyers a 3% rate“ (10-15-24)

“As mortgage rates stagnate around 6%, prospective homebuyers are feeling nostalgic for the 3% interest rates of 2020 and 2021. Google search results for the term “assumable mortgage” spiked in May, following a steady upward trend starting in 2022.”

HousingWire –  “The great stay: Why homeowners are staying put” (10-15-24)

“When we look at the weekly newly pending home sales, nationally we can see slightly better conditions than the last two years. This is growth differs per local markets.”