Yet property taxes have gone up 37% during that same time period. The property taxes have gone up in Florida and New York and other states with strong unions who have pushed through these tax increases to pay for union pay and benefits.
Fox Business Network. 8:30 a.m. Economist Sam Chandan says the housing market remains very weak, just above their all-time lows. Ne home sales rise less than expected in November.
The government programs to encourage home sales have met with limited success.
Home sales have gone so low it would have been difficult in November for them not to increase.
Mortgage rates are going up, discouraging new homeowners to enter the market. There’s a large overhang in existing homes, which makes it difficult for builders to off-load assets.
What kind of policy could drive home sales? Low mortgage rates has not done it. We need sustained job growth. Without that, we’re not going to see significant improvements.
The American consumer is more confident than the past three years.
The multiplier effect on those income taxes will be strongest for the least affluent homes. That will drive some spending.
With the shortfalls in local and state budgets, some states will adjust property and sales taxes to meet the shortfall. That will off-set some of the federal tax cuts.