Action Lending - Mortgage News

Jobs and Taxes

November 6th, 2017 4:32 PM by Gene Tidgewell

Gene Tidgewell from Action Lending and Moonstone Real Estate here.

The jobs report came out Friday and it was pretty good with 261,000 new jobs created. However wage rate inflation was 2 %. The Unemployment Rate dropped to 4.1 % but that was not due to job creation. It was due to the Job Participation Rate dropping from 63.1 % to 62.7 %.

Thursday the House Ways and Means Committee released the PROPOSED NEW TAX PLAN. We shall see how much it changes before it passes. There are several items that will affect homeowners:

  1. The property tax deduction is limited to $10,000 That will greatly affect people in high property tax states such as New Your, New Jersey and Illinois as well as homeowners in California
  2. The mortgage interest deduction on loans in place now will stay the same
  3. The mortgage interest deduction on new mortgages will be on mortgage debt up to $500,000. In states with high cost real estate such as areas of California that could have some effect on sales going forward. We shall see.
Enjoyed a big weekend in College Football and another one coming up

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Posted in:General
Posted by Gene Tidgewell on November 6th, 2017 4:32 PM

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