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Tax Reform Could Deliver a Tax Hike for Homeowners: New Research
The study, “Impact of Tax Reform Options on Owner-Occupied Housing,” illustrates the effects of a tax plan that echoes certain elements of the “Better Way for Tax Reform” or “Blueprint” proposal released last year, as well as the White House tax reform outline released in April, to which the National Association of Realtors® responded.
While most individuals would see a tax decrease under such a proposal, the study estimates that many middle-class homeowners could in fact see a net average tax increase. Homeowners with adjusted gross incomes between $50,000 and $200,000 would see their taxes rise by an average of $815. The study also estimates that combined tax savings from claiming the mortgage interest deduction and real estate property tax deductions would drop 82 percent between the 2018 and 2027 period. To read the full article, click here.
Watch the current issue of NAR’s “The Voice for Real Estate” Video
In recent months, real estate professionals have reported an upswing in a particularly insidious wire scam. A hacker will break into a licensee’s email account to obtain information about upcoming real estate transactions. After monitoring the account to determine the likely timing of a close, the hacker will send an email to the buyer, posing either as the title company representative or as the licensee. The fraudulent email will contain new wiring instructions or routing information, and will request that the buyer send transaction-related funds accordingly. Unfortunately, some buyers have fallen for this scheme, and have lost money. Click here to read the full story.
Realtor.com web series targeting Millennial First-Time Buyers
This digital video series is part of an ongoing effort to raise visibility of realtor.com® and promote the value of a REALTOR® to millennials, the largest home buying segment in the coming years.The series differentiates realtor.com® from Zillow and Trulia by positioning realtor.com® and REALTORS® as the most authentic source for real estate information and expertise. Check out the series here and share!
Foreclosure by Market Sale FAQ
Effective January 1, 2015 a new law goes into effect that provides an additional method of foreclosure which will support the real estate market by selling foreclosed residential properties at market prices, including the ability to market in the MLS. Foreclosures by Market Sale are overseen and then approved by the Court in order to close the sale while the property is in foreclosure. Please check out the FAQ for more complete information on the process. Also note that as this is a new concept, as more experience is developed with the actual process this information is likely going to expand or change. CTR continues to appreciate all the hard work of our members that went into making this legislation a reality. (via http://www.ctrealtor.com/)
Carbon Monoxide and Smoke Detector Law Changes
The Governor has signed into law revisions to the smoke and carbon monoxide detector law, effective July 1, 2014. There is a new affidavit that complies with those statutory changes. CTR has set up a page to provide information on the law and the changes here.
Updated Flood Site Now Available
CTR has updated our site on flood issues to give you and the public information about flood insurance, preparedness, plus national and state resources related to flood issues. You are welcome to include the CTR logo on your company and/or agent sites and to link directly to that page. www.ctrealtor.com/flood. (via http://www.ctrealtor.com/)
Changes to the National Flood Insurance Program (NFIP)
Rules and revisions to flood maps have resulted in significant insurance premium changes for many properties. The CT Association of Realtors has developed a page of links and resources that you can use with your clients and customers; along with a special CT REALTORS® Legal Alert that includes a glossary of terms and has an informational sheet to provide to sellers and buyers so they are aware of the potential impact of the changes. (via http://www.ctrealtor.com/)