A residential design bill is in Senate Committee tomorrow at 11 a.m.! The bill would limit the ability of local governments to require architectural and design controls on single-family homes, duplexes and townhomes. Let our state senators know how important this bill is for our industry and for housing affordability in North Carolina. Click here to help.
Lake Wylie Blog
Congress Considers Action on Comprehensive Tax Reform
The US Congress is considering tax reform that can and will have a huge effect on all property owners and The National Association of Realtors President Gary Thomas recently stated.
As the U.S. Congress considers action on comprehensive tax reform, you can be sure that the National Association of Realtors is doing its best to protect the many long-standing tax incentives to home and property ownership.
These include the following:
- mortgage interest deduction
- capital gains exclusion on the sale of a principal residence
- deduction for mortgage insurance premiums on private mortgage insurance and FHA-backed insurance
- state and local property tax deduction
- carried interest on commercial real estate
We’re going to have to stay on top of the action. These are complicated issues that will not be settled with a direct up or down vote that affects only real estate. They may easily be tucked into the language on a larger bill, and things may move very fast when the time comes.
Right now, we’re in the early stages of what we expect will be a long process. The House Ways & Means Committee and the Senate Finance Committee are holding ongoing meetings on the issues. As REALTORS®, we have a seat at the table and are sharing our views.
We tell members of Congress and staff how necessary these incentives are for rebuilding the national economy. Since we’re in the midst of a fragile recovery, additional housing taxes would crush the real estate market just as it is poised to help lift us out of the economic doldrums
Our goal is to see that the tax code will continue to reflect the fundamental American value that homeownership helps build financial stability. Not only is this the right policy for housing, it’s also the best for families, for communities and the entire country.
Our government tax policy should encourage homeownership while giving more Americans a chance for their little piece of heaven.
Contact your Congressman and Senators.
Existing-Home Sales and Prices Continue to Rise
February existing-home sales and prices affirm a healthy recovery is underway in the housing sector, according to the National Association of REALTORS®. Sales have been above year-ago levels for 20 consecutive months, while prices show 12 consecutive months of year-over-year price increases.
Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 0.8 percent to a seasonally adjusted annual rate of 4.98 million in February from an upwardly revised 4.94 million in January, and are 10.2 percent above the 4.52 million-unit level seen in February 2012. February sales were at the highest level since the tax credit period of November 2009.