The new Republican tax plan has Americans concerned about becoming homeowners.
A recent Realtor.com poll found that more than half of the 2,300 respondents said they were concerned or very concerned about buying a home in the wake of the tax bill, according to Bloomberg.
The recently passed tax overhaul limits interest deductions in new mortgage debt down to the first $750,000 from the current $1 million cap, and a Moody’s analysis found that it could cause home prices in Manhattan to fall by up to 9.5 percent. The plan could be more advantageous for commercial real estate owners who own properties via pass-through companies.
Realtor.com is a NewsCorp. company, and it operates under a National Association of Realtors license. NAR has been a very vocal opponent of the tax bill. [Bloomberg] – Eddie Small