December 4, 2017 1,539 Views  Print This Post The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago What the Tax Reform Could Mean for Housing Home / Daily Dose / What the Tax Reform Could Mean for Housing The Best Markets For Residential Property Investors 2 days ago About Author: Nicole Casperson Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech’s College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: [email protected] Black Knight data HOUSING mortgage Tax Reform 2017-12-04 Nicole Casperson Demand Propels Home Prices Upward 2 days ago On Monday, the Data & Analytics division of Black Knight, Inc. released its latest Mortgage Monitor Report for October 2017.The report takes an in-depth look at the impact proposed changes to the tax code could have on the housing and mortgage markets—reporting that the tax reform, in its currently written state, could worsen the tight housing inventory, while increasing housing expenses for buyers.The House tax reform plan proposes doubling the standard deduction while capping the mortgage interest deduction (MID) to the first $500,000 of mortgage debt, while the Senate version also doubles the standard deduction, but leaves the MID cap at $1 million.Black Knight’s analysis notes that doubling the standard deduction would provide greater benefit to renters than homeowners—while reducing the tax incentive to purchase a home by making the MID less valuable to borrowers.“We’ve observed in the past that positive tax incentives can certainly impact home buying decisions – the Black Knight Home Price Index (HPI) showed clear evidence of this as a result of 2008’s first-time homebuyer tax credit,” said Black Knight Data & Analytics EVP Ben Graboske. “However, limited data is available to examine the effects of removing an existing tax incentive on borrowers’ purchase behavior.”Graboske continued, “One thing that seems clear is that a reduction of the MID could further constrain available housing inventory, which itself has helped to push home prices even higher in many places.”There are currently 2.9 million active first-lien mortgages—current mortgage holders, which have original balances exceeding $500,000, or the cap proposed in the House version of the tax bill.Existing mortgage holders would be exempt from this new cap, as they can still deduct interest up to $1 million. Therefore, if one of those homeowners sells and buys a same priced or more expensive home, the MID on subsequent loan would be capped at $500,000.“The question now becomes whether the proposed tax reform adds another layer of ‘tax deduction lock’ on the market,” added Graboske. “Do these homeowners now also have a disincentive to sell their home in order to keep their current interest rate deduction of up to $1 million? If so, this would potentially add new supply constraints.”While lower-priced markets may not experience a great impact from these changes, the most recent HPI reported 22 markets nationwide where the median home price is over $500,000. The report notes that “Mortgage originations at or above that point have increased by 350 percent since the bottom of the housing market.”In this current state, the market could experience an estimated 480,000 purchase originations in 2018 with original balances over $500,000, with an estimated 2.9 million over the first five years of the tax plan.“Even if interest rates stayed steady around 4 percent, a $500,000 MID cap could cost the average homeowner with a larger mortgage an additional $2,600 – $4,200 per year depending on their tax bracket, representing a 6 to 10 percent increase in housing-related expenses as compared to the average annual principal and interest payment today,” Graboske explained.Additionally, Black Knight’s data found that the national delinquency rate experienced its second consecutive annual rise—currently at 4.44 percent—driven in large part by the impact of the recent hurricanes’ continued impact on the mortgage market.Meanwhile, foreclosure starts are up by 11 percent month-over-month. Despite the increase, October’s 50,200 foreclosure starts marked the second lowest number of monthly starts since 2004.In addition, prepayment activity rebounded from September’s 15 percent drop, increasing 17 percent month-over-month in October.To view the full report, click here. Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: If You Build It… Next: When It Comes to Interest Rates, Mind the Curve in Daily Dose, Featured, Government, Journal, Market Studies, News Tagged with: Black Knight data HOUSING mortgage Tax Reform Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago read more

WNY News Now / MGN Stock Image.MAVYVILLE – Eight new cases of COVID-19 were reported in Chautauqua County from this past weekend.The County Health Department says there is now a total of 271 total cases with ten active, with zero hospitalized from the virus.The new cases involve a man and two women in their 20s, a man and woman in their 30s, two men in their 40s and a woman in her 50s.There are also now 84 people in quarantine or isolation orders by the Public Health Director and being monitored. Officials say not all of those being monitored are confirmed to have COVID-19 but have either shown symptoms, are awaiting results, or have risk factors. The county reporters 1,178 people under a domestic traveler quarantine for having arrived to Chautauqua County from a state listed on the New York State travel advisory.Since the outbreak began nine deaths related to COVID-19 have been reported and 252 people have recovered. Share:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to email this to a friend (Opens in new window),I wonder how all these people are recovering????…….. No vaccine yet….. Could it be treatment with therapeutics, and “hydroxychloroquine” 271 total confirmed cases & 252 recovered cases; ….. Think about it…. we don’t have a vaccine…… but yet the % of recoveries is astounding…..,If you don’t like a mask you really won’t like a ventilator! read more

THE international men’s 800m at the upcoming Boyce and Jefford Track and Field Classic VIII, set for Linden at the MSC Ground on August 12-13, has become very interesting with the inclusion of one of Uganda’s top middle distance athletes, Julius Mutekanga.Mutekanga is a sub-1:50.00s 800m athlete, with a personal best time is 1:46.30s, which he ran to qualify for the International Association of Athletics Federations (IAAF) World Championships in 2011 in Daegu. He is also a national record holder for his nation, just last year he broke Uganda’s national 600m record.United States of America–based Guyanese athlete, Kevin Bayley, who is the defending champion in this race, will be hard pressed to produce his best with the inclusion of Mutekanga, who represented the African country at the 2012 Olympic Games in London.Bayley will be back to attempt a title defence as well as Trinidad and Tobago’s Ashton Gill, who was second to Bayley last year. Put Mutekanga in the midst and the race promises to be one of the highlights of the 2017 Championships in Linden.Ironically, 2011 is the year that Dennis Horatio established the Boyce and Jefford 800m record with 1:55.90s. With, such an international field in the race this year along with the quality of local athletes, that record seems to be under serious threat.Apart from the World Championships and Olympic Games, Mutekanga also ran at the World Indoor Championships. The 29-year-old competes for the Central Park Track Club in the United States, which is sponsored by New Balance, as an elite athlete.However, the Guyanese would be eager to ensure that the prize money up for grabs in the race stays at home. As such, Guyana Defence Force (GDF) standout, Anfernee Headecker along with Police’s Quacy Morian and Samuel Lynch cannot be ruled out of the top three finishers.The race is also likely to include Desmond Amsterdam and Daniel Melville. The winner of the race will pocket US$250, while second and third place gets US$150 and US$100, respectively. The male 800m event is one of six international events scheduled for the Classic.The other international events are the male and female 200m, female 1500m and the male and female Long Jump. read more