Cyber Monday shopping is in full swing, and finding the best deals online sudden starts to take over your screen as work falls to the background.
But don’t worry, we have enough in this article to keep you in the know. Here are answers to five of the biggest questions in housing today.
So settle in, get comfy – but not too comfy unless you want to miss all the greatest sales – and check out what we have identified as some of the biggest what-ifs in housing for next year.
First things first. What’s up with tax reform? Let’s dive into two major developments in that field.
Who’s are some to the housing industry’s newest leaders? What is changing from this year to the next? What’s up with the CFPB? Keep reading for answers to all of your biggest questions in housing.
1. House passes sweeping tax reform, including slashing mortgage interest deduction
The House of Representatives recently voted to approve its tax reform plan, which will slash the mortgage interest deduction from $1 million to $500,000. 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. The mortgage industry is very disappointed about the House’s decision to pass the bill, but word is still out on if the Senate will pass the bill, and that’s because…
2. Senate Finance Committee just passed its own, major tax overhaul
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 Senate announced it plans on moving to a full vote after the Thanksgiving Holiday. Because the Senate is working on its own version of tax reform, there has been no word yet on if or when it will look at the House’s bill.
3. CFPB Director Richard Cordray resigns
Consumer Financial Protection Bureau Director Richard Cordray announced in an email to the bureau’s staff that he will be stepping down from his position before the end of the month. Now, sources told HousingWire they speculate Cordray will announce a run for Ohio governor in the next few weeks. But as far as the CFPB goes, Trump is reportedly close to tapping Mick Mulvaney, who currently serves as director of the Office of Management and Budget and has long been outspoken about his dislike for the CFPB, to replace Cordray as the bureau’s director.
4. Yellen announces resignation from Federal Reserve Board of Governors
That’s because President Donald Trump recently tapped Federal Reserve Governor Jerome Powell to serve as the next Fed chair. Powell is now in the confirmation process. Yellen, who was appointed to the Board by former President Barack Obama to serve until January 21, 2024, announced she will resign upon the swearing in of her successor as Chair. Yellen’s term as Chair ends on February 3, 2018.
5. Freddie Mac: Housing still on track for best year in a decade
Despite the slowdowns this year, 2017 is still on track to be the best year for housing in a decade, according to Freddie Mac’s November 2017 Outlook. And Capital Economics recently released its prediction, saying next year’s change in Fed Chair won’t matter, rates will still be raised four times. Goldman Sachs also forecasted four rate hikes in 2018. And the National Association of Realtors predicted existing home sales will rise to a post-crisis high in 2018.
That’s the latest news in housing, and what to expect with all the recent changes. Still standing in line? The rest of today's email is filled with more answers to the biggest questions from the housing industry.
