Daly City, CA 94014

  • $999/month
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JCS Investment & Realty, Inc provides home sellers and buyers with an innovative real estate solution. By using the efficiency of the Internet, we have streamlined the real estate process and are able to pass significant savings on to our clients. Our licensed Agents have years of experience in the areas they serve, allowing you to save thousands, without compromising on service. It is our goal at JCS Investment & Realty, Inc to continue to gain our clients’ trust and their referrals.

GOP Tax Reform to Affect the Housing Market

November 2017

"The Tax Cuts and Jobs Act is a bold, pro-growth bill that will overhaul our nation’s tax code for the first time since President Reagan’s historic tax reform 31 years ago," Secretary Mnuchin said. However, there are opposing views to this reform. Nela Richardson, Chief Economist of Redfin, a national real estate brokerage, commented on the GOP tax plan. “The bill is a missed opportunity to make home ownership more affordable to more people. While the new $500,000 cap on the mortgage interest deduction (MID) is intended to limit the benefit for the wealthiest homeowners, it also limits the benefit for first-time buyers in expensive coastal markets where it’s hard to find a starter home at that price. We urge lawmakers to reconsider a home ownership tax credit like the one proposed by the National Association of Home Builders [2] that would make home ownership accessible for more of the middle class." House Speaker Paul Ryan (R-Wisconsin) pitched the plan as "much-needed economic aid for the middle class," reported CNN. "It's very clear and obvious that the whole purpose of this is a middle-class tax cut," Ryan said in an interview with CNN's Phil Mattingly, shortly after the bill was made public. "and more to the point, we need to get faster economic growth." As the news of the tax reform plan circulated, the housing industry has reacted. "Many of the borrowers of prime jumbo loans underlying residential mortgage-backed securities live in areas with higher state and local taxes and higher property values," said Moody's Investors Service SVP, Yehudah Forster. "An elimination of deductions for individuals’ state and local tax payments and the proposed lower cap on the size of new loans eligible for mortgage interest deductions potentially will be negative for jumbo RMBS. In addition, these changes could negatively affect home prices in certain higher-priced market segments, another negative." ©11/02/2017 in Daily Dose

 

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JCS Investment & Realty
6644 Mission st, Suite 1
Daily City
CA  94014
(650) 994-6500

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