New home construction collapses in Northeast - Thanks to Trump tax reform

[BuckToothMoron]

If you can get a loan. Interest rates have been artificially held down while qualifying for a loan has gotten more difficult.

When my wife and I applied for a loan, we ONLY put down her income, and they offered us more than we really could have handled.


If Banks are NOT looking to turn all Americans into debt slaves, they are doing an excellent imitation of it.

But I thought Democrat Bill, Dodd/Frank, was supposed to put an end to predatory lending?

After Raising Rates Once During The Obama Years, The Fed Promises Constant Rate Hikes During The Trump Era

The funny thing is that the Federal Reserve could have been raising rates all throughout 2016, but they held off because they didn’t want to hurt Hillary Clinton’s chances of winning the election.

And during Barack Obama’s eight years, there has only been one rate increase the entire time up until this point.

But now that Donald Trump is headed for the White House, the Federal Reserve has decided that now would be a wonderful time to raise interest rates.

And people still try to laugh off the Deep State Theory.

DS is no more than a partisan kickin' post for when their 'man' fails at something he promised to do

~S~

The Establishment ......aka career politicians who are in bed with their lobbies are the Deep State.........doing the bidding of the highest bidder...........It's not an accident that when people go to Congress and the Senate that they join the millionaires club..................Not only that in places like the FBI and Comey getting 5 million for a year at a company doing business with the FBI..........Lockhead Martin.............

I’m not sure about the deep state, but politicians are driven by the EVIL TRINITY, Money, power and influence. And one begets the other in politics. The longer one is in politics the more they are imbedded in the Evil Trinity. The higher they get in politics, the more imbedded in the evil trinity they become. The quicker they rise in politics, the quicker they are imbedded in the evil trinity. These are all undeniable truths and shall not be questioned. Amen.

 

[bripat9643]

Tell that to the residential construction firms, mortgage banks, realtors, new home buyers and current middle class homeowners who are being hurt by Trump's tax gift to the wealthy.

That collapse trickles down to retail, too, butthead.

Just ask Lowes, Home Depot, and the big box furniture stores.
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Explain how losing tax deductions help the rich?

Mark

It's not going to affect the wealthy, they can afford the loss of the deduction.
Most middle class homes in NJ and NY have very steep housing prices and property taxes.
Ours outside of Princeton was over $18K annually three years ago before we moved.
That's typical for a 3-4 bedroom home in a metro or densely populated suburban area.
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The northeast is liberalland. They love high taxes.

Eh, my Pawling, NY has much higher property taxes than NYC & it's also like 65 - 70% Republican unlike NYC.

Pawling, NY has been Republican since the Civil War, UNLIKE the South.


a lot of us
we really, really don't like Illegal Hispanics, Abortion, Muslim Refugees, Blacks, or Gay Marriage, and really, really do like Guns.

We're probably a ton more Socially Conservative than the South.

Besides, cutting taxes is actually Classical Liberalism, it's really not Conservative, or Right Wing.

Probably because much like myself people here tend to not have a problem with giving the community better schools, or parks, or sidewalks,
just ​

Down here in Florida, we dont pay state taxes yet we still have schools, parks and saidwalks...We just aren't as stupid as "folks" in the North East to have to pay high state taxes.​

You have property taxes, no?????

I've been to Florida, and it really is a Bum-Beach kind of place.

I don't like Florida & would never move there.

Floridians are all happy about your decision.

 

[CrusaderFrank]

Cuomo needs to stand up to his Union bosses, cut spending and taxes

 

[Dekster]

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Home sales in the northeast have fallen 51% and construction has collapsed since Trump's tax reform passed.
This due to the "SALT" clause which restricts deductions for state and local taxes to $10K. Sales of homes nationally are down 13.2%.

This is just one of the negative results of Trump's tax break to the top 1%.

And I know the collective right has a problem recalling anything that happened more than six months ago, much less 10 years, but it was the housing collapse that started in California and spread east that created the worst recession since 1929.

Housing Is Tanking in the Northeast. Guess Why.
Losing big deductions for state and local property taxes is having the expected effect.
(This has to be Googled because Bloomberg doesn't allow copying links)
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I'll say it again, everything Trump touches dies.
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Then buy up an extra one of this collapsed price homes as a rental, create cash flow, and use the depreciation expense to offset the taxes on both properties beyond the SALT deductions. You can get a $500K home and still be within the $10K cap, so get you a $1M rental and you should be fine tax wise.

 

[miketx]

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Home sales in the northeast have fallen 51% and construction has collapsed since Trump's tax reform passed.
This due to the "SALT" clause which restricts deductions for state and local taxes to $10K. Sales of homes nationally are down 13.2%.

This is just one of the negative results of Trump's tax break to the top 1%.

And I know the collective right has a problem recalling anything that happened more than six months ago, much less 10 years, but it was the housing collapse that started in California and spread east that created the worst recession since 1929.

Housing Is Tanking in the Northeast. Guess Why.
Losing big deductions for state and local property taxes is having the expected effect.
(This has to be Googled because Bloomberg doesn't allow copying links)
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I'll say it again, everything Trump touches dies.
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I'd say it's more caused by politicians raping homeowners on taxes.