SCARCITY OF INVENTORY IS CAUSING HOMES TO SELL FAST

We Need a Little More Meat on This Bone.

The scarcity of inventory is causing homes on the market to sell quickly. The market is in dire need of more homes to sell.

 New home listings dropped 22.4% in April, marking one of the biggest declines since the pandemic gripped the world in 2020, according to a new Redfin report. 

 The more than 20% dip in home listings over the four-week period ending April 23 compared to a year ago underscored how homeowners are refusing to give up the mortgage rates that they locked in before interest rates surged. According to the real estate brokerage, almost half of all the homes on the market are selling within two weeks, the highest rate in nearly a year, even with higher mortgage rates keeping some buyers out of the market. 

 This dearth in homes is also keeping home prices from falling further. For instance, the U.S. median sale price was down 2.8% year over year, which is in line with the price declines seen over the last month.

US H.R. 2555 Will Repeal Salt Cap On State, Local Taxes. You may be getting a bigger deduction soon.

That effort appears to be paying off.  A bipartisan group of House lawmakers has introduced a bill allowing taxpayers to fully deduct their state and local taxes on their federal income returns.

 The bill — the Securing Access to Lower Taxes by Ensuring (SALT) Deductibility Act (H.R. 2555) – was introduced by several Congress members, including U.S. Reps. Andrew Garbarino (R-NY), Josh Gottheimer (D-NJ), Young Kim (R-CA), Anna Eshoo (D-CA), Chris Smith (R-NJ), Brad Schneider (D-IL), Mike Lawler (R-NY), and Rob Menendez (D-NJ).

 Specifically, it would amend Section 164(b) of the IRS Code to repeal the limitation on the deduction of state and local property and income taxes.

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Best,

Riley Schmidt