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20 minutes ago, Bears_Man2 said:

Big thanks to @Chadstromafor the hook up with his guy in AZ on a refinance. Very painless and think it took right at 30 days from start to finish. 

Wound up reducing rate almost 2% and chopped 5 years off. 

 

:jawdrop: what's the new rate?

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I’m officially a homeowner. Just closed.  2.75%, 15 years.  🥳

Just made my last mortgage payment yesterday!!!  I am free and clear!

If you guys would allow me to vent... I need to vent a bit... I could vent to other LO's who all know it and they just smile and nod (somehow that doesn't really feel like venting) or my wife but with

3 hours ago, flapgreen said:

Love having the monthly update on my home value from Chad. Our home has shot up over the last couple months and we have 3 more months before selling it. Great time to sell! 

Home prices have been crazy. It's a great time to sell.

Which is why I'm PO'd that the guy going to perk my land can't get out there until May. Long story, he needs to bring an excavator as half the land is at a >30% slope. (Plenty of space on top to build with a walk out basement). We were offered $35k but we want $50.  Just under 7 acres.

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7 hours ago, flapgreen said:

Love having the monthly update on my home value from Chad. Our home has shot up over the last couple months and we have 3 more months before selling it. Great time to sell! 

Many markets are bonkers crazy right now. There is no inventory and tons of people waiting to buy. So, in many markets it is routine that people are paying over asking prices by $5-75K and then paying the difference on appraisals. As those comps get added they will push valuations up. 

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44 minutes ago, Chadstroma said:

Many markets are bonkers crazy right now. There is no inventory and tons of people waiting to buy. So, in many markets it is routine that people are paying over asking prices by $5-75K and then paying the difference on appraisals. As those comps get added they will push valuations up. 

This is great for us. We're like 20 minutes north of Nashville but just over into the next county that has good schools. No HOA and a third of an acre with an in ground pool. It should go quick come July.  Up 14% from when a bought 2 years ago and still have 3 months to go. 

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1 hour ago, Chadstroma said:

Many markets are bonkers crazy right now. There is no inventory and tons of people waiting to buy. So, in many markets it is routine that people are paying over asking prices by $5-75K and then paying the difference on appraisals. As those comps get added they will push valuations up. 

Holy crap, you're not kidding. I just looked at Zillow and they have my house up 11% plus in one month! I'd take that and run if i didn't have to just shovel the money right back into another overheated property.

Edited by cap'n grunge
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The house we bought Memorial Day last year has been steadily increasing, then increasing at an insane rate. The "projections" have it's value up 33% over our purchase price in 10 months. 

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55 minutes ago, cap'n grunge said:

Holy crap, you're not kidding. I just looked at Zillow and they have my house up 11% plus in one month! I'd take that and run if i didn't have to just shovel the money right back into another overheated property.

Move in with the in laws? 

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Since I'm selling my home and not immediately buying another, do we have to pay taxes on the profit on the current home we've made in the last two years? Is there a way around that? 

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7 minutes ago, flapgreen said:

Since I'm selling my home and not immediately buying another, do we have to pay taxes on the profit on the current home we've made in the last two years? Is there a way around that? 

You do not have to pay taxes on a primary residence. IRS LINK.

 

Has nothing to do with buying another, only your use and ownership length. And if you recently sold another and used exclusion.

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1 hour ago, flapgreen said:

Since I'm selling my home and not immediately buying another, do we have to pay taxes on the profit on the current home we've made in the last two years? Is there a way around that? 

I am not a tax guy and don't play one on tv.... heck, I barely can do my own taxes... so don't take this as anything authoritative at all. I am just another schmoe on this. 

I believe if you have lived there for two years and the profit is under the threshold (I want to say $250K for single and $500K for married) then you don't pay capital gains. 

That being said... check with a real tax expert. 

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1 hour ago, Instinctive said:

You do not have to pay taxes on a primary residence. IRS LINK.

 

Has nothing to do with buying another, only your use and ownership length. And if you recently sold another and used exclusion.

Hey! I was right!  :excited: 

Edited by Chadstroma
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I got to say, I am starting to get Bearish for the RE market for 2022. 

Moratorium pushed back to 2022 and without proper measures to not just protect renters/owners from eviction/foreclosure but help lenders from taking it on the chin, it could get rough... rates should be up and continued to push up with the masive extra spending of the gov... over heated RE markets. It is starting to overcome the positives that I see. Could be a correction or a major event. DC needs to make good decisions or it can cause some issues.

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3 hours ago, Instinctive said:

The house we bought Memorial Day last year has been steadily increasing, then increasing at an insane rate. The "projections" have it's value up 33% over our purchase price in 10 months. 

This is happening in a lot of places.

I did a 15 yr refi 25 months ago.  Appraisal was $415k.  

I closed today on the sale of it.  $670k. Up 61% in 25 months.  I bought it 7.5 yrs ago for 309.  

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12 minutes ago, Getzlaf15 said:

This is happening in a lot of places.

I did a 15 yr refi 25 months ago.  Appraisal was $415k.  

I closed today on the sale of it.  $670k. Up 61% in 25 months.  I bought it 7.5 yrs ago for 309.  

Holy moly's

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2 minutes ago, Chadstroma said:

Holy moly's

Three weeks ago I sold a rental I bought 2.5 years ago for $252.  Listed it at $385.  Got $455.  So nuts.  

Six months ago I had 24 reasons why the market is nuts.  Now I have 31.  The latest I read a few days ago.... Baby Boomers are leaving generational wealth to their kids and they are buying homes with cash.   #30 is that investors are buying with cash as the rental market is super squeezed also and rents are going nuts.

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4 minutes ago, Cold Dead Hands said:

Residential rents are up but commercial is floundering.

My home is skyrocketing in value. Maybe I will sell at 200% profit and go rent an empty storefront downtown to live in for a few years...

If I was single.... done. 

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On 4/5/2021 at 8:34 PM, cap'n grunge said:

I'd take that and run if i didn't have to just shovel the money right back into another overheated property.

This is what I've seen some people I know not understand. One family looked at this market as an opportunity to move to a bigger house and take advantage of a "sellers market" to get way more for their house than the could in the past when looking to move. Then they went and paid $15k over asking on a house that was listed for 30% more than what it would have went for a year or two ago. :loco:

Unless you're moving from owning to renting, or moving a secondary/rental property, you aren't "taking advantage" of this market. 

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1 hour ago, The Noid said:

This is what I've seen some people I know not understand. One family looked at this market as an opportunity to move to a bigger house and take advantage of a "sellers market" to get way more for their house than the could in the past when looking to move. Then they went and paid $15k over asking on a house that was listed for 30% more than what it would have went for a year or two ago. :loco:

Unless you're moving from owning to renting, or moving a secondary/rental property, you aren't "taking advantage" of this market. 

Sometimes people make me laugh. 

Another way to actually take advantage of the sellers market is if you were in a over heated market and went to a less heated market. 

But if you owned rental properties or even a second home you didn't use as much as you thought would etc... I would be putting those bad boys on tbe market right now and cash out. 

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1 hour ago, The Noid said:

This is what I've seen some people I know not understand. One family looked at this market as an opportunity to move to a bigger house and take advantage of a "sellers market" to get way more for their house than the could in the past when looking to move. Then they went and paid $15k over asking on a house that was listed for 30% more than what it would have went for a year or two ago. :loco:

Unless you're moving from owning to renting, or moving a secondary/rental property, you aren't "taking advantage" of this market. 

As a guy trying to move from renting to owning right now, let's just say I feel that the market is taking advantage of me right about now.

Edited by SFBayDuck
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18 minutes ago, SFBayDuck said:

As a guy trying to move from renting to owning right now, let's just say I feel that the market is taking advantage of me right about now.

We rented for what seems forever. Never felt like we were in the right financial position to buy our first home. In the mid 2000s we watched the bubble grow and grow and got frustrated watching others buy homes that immediately had huge gains on paper and felt left out. Then the bubble popped and we were in a position to get in. Our house was built in 2002-03 for about $260k. It was sold in 2007 for $469k. By 2010 the bubble popped and we bought it on a short sale for $260k. Now Zillow has us at $565k. Don't have as much equity as we could because we did one cash out refi in 2013 to buy new AC units and painting and another recently to pay off a whole bunch of other debt. The latest we went down to a 15 at 2.5% which will sort of "pay off" that refied debt pretty quickly and bring our balance down adding to that equity. Quite the rollercoaster in values. Hopefully it doesn't drop to $260k again in a few years!

Edited by cap'n grunge
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I mean empty lots near me are now going for 100k what I paid for my house not terribly long ago.  

The problem with that is the houses that are tear downs are just completely letting go of maintenance as any $$$ put into them is money that ends up in a dumpster.  

 

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19 hours ago, Cold Dead Hands said:

Residential rents are up but commercial is floundering.

My home is skyrocketing in value. Maybe I will sell at 200% profit and go rent an empty storefront downtown to live in for a few years...

I always wondered if that was allowed.   Biking around in various parts of new jersey, I've come across numerous single unit businesses on nondescript roads that looked like they'd be ok as a single guy to live in after a little bit of improvement.    

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5 minutes ago, NutterButter said:

I always wondered if that was allowed.   Biking around in various parts of new jersey, I've come across numerous single unit businesses on nondescript roads that looked like they'd be ok as a single guy to live in after a little bit of improvement.    

i grew up in DTLA.  first few years were non compliant.  we eventually got everything to code.  it was awesome.  and VERY different.

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I want to say in a funny anecdote about this whole process.

Was at BOA for prior loan

Re-Fi to someone that Chad hooked me up to, ultimately serviced by Sterns.

Exactly 2 months later  BOA bought the loan back.

They still haven't sent me a statement or a way to pay my bill.  Neat.  

 

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On 4/5/2021 at 7:34 PM, cap'n grunge said:

Holy crap, you're not kidding. I just looked at Zillow and they have my house up 11% plus in one month! I'd take that and run if i didn't have to just shovel the money right back into another overheated property.

We're going to test the waters with our beach place.  The house next door sold for a ridiculous amount, and it was sold with no interior - down the sticks on the inside (Sally destroyed the inside).  Going to put a healthy/slightly ludicrous price on it and see if anyone wants it.

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7 hours ago, cap'n grunge said:

We rented for what seems forever. Never felt like we were in the right financial position to buy our first home. In the mid 2000s we watched the bubble grow and grow and got frustrated watching others buy homes that immediately had huge gains on paper and felt left out. Then the bubble popped and we were in a position to get in. Our house was built in 2002-03 for about $260k. It was sold in 2007 for $469k. By 2010 the bubble popped and we bought it on a short sale for $260k. Now Zillow has us at $565k. Don't have as much equity as we could because we did one cash out refi in 2013 to buy new AC units and painting and another recently to pay off a whole bunch of other debt. The latest we went down to a 15 at 2.5% which will sort of "pay off" that refied debt pretty quickly and bring our balance down adding to that equity. Quite the rollercoaster in values. Hopefully it doesn't drop to $260k again in a few years!

Demand is redonkulously high right now. There is not a lot of new builds in pipe. Other than a correction, which I think is looking possible for 2022, there will need to be some big changes to demand (essentially people not having jobs) or supply (more homes on the market) for a large drop in values. 

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5 hours ago, NutterButter said:

I always wondered if that was allowed.   Biking around in various parts of new jersey, I've come across numerous single unit businesses on nondescript roads that looked like they'd be ok as a single guy to live in after a little bit of improvement.    

A BIL of mine lived in a storefront in the greater Chicago area for a while. Basically like a studio.... no idea if that was zoned that way or if he got around it as a "photographer/cinematographer" and he could use it for shoots or what. I never got into that with him. 

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5 hours ago, DA RAIDERS said:

i grew up in DTLA.  first few years were non compliant.  we eventually got everything to code.  it was awesome.  and VERY different.

Crap... just realized I didn't get back to you.... texting you now

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5 hours ago, culdeus said:

I want to say in a funny anecdote about this whole process.

Was at BOA for prior loan

Re-Fi to someone that Chad hooked me up to, ultimately serviced by Sterns.

Exactly 2 months later  BOA bought the loan back.

They still haven't sent me a statement or a way to pay my bill.  Neat.  

 

Argh... not happy they used Stearns. And then sold to BofA again. Double argh. 

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2 hours ago, Sand said:

We're going to test the waters with our beach place.  The house next door sold for a ridiculous amount, and it was sold with no interior - down the sticks on the inside (Sally destroyed the inside).  Going to put a healthy/slightly ludicrous price on it and see if anyone wants it.

PREPARE SHIP FOR LUDICROUS SPEED!

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1 minute ago, Chadstroma said:

Argh... not happy they used Stearns. And then sold to BofA again. Double argh. 

It doesn't matter to me honestly.  I find it funny because BOA wouldn't even acknowledge the offer letter I had was reasonable.  

Sterns seemed ok.  Why the hate?   

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1 minute ago, Chadstroma said:

PREPARE SHIP FOR LUDICROUS SPEED!

Just signed up for new pictures and a Matterport layout.  Matterport looks awesomely :nerd:.

Dumb question, as I've heard it but don't know if it's urban myth.  True that the number of views a house gets go way down once priced with two commas?  

Edited by Sand
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Just now, culdeus said:

It doesn't matter to me honestly.  I find it funny because BOA wouldn't even acknowledge the offer letter I had was reasonable.  

Sterns seemed ok.  Why the hate?   

Meh, more of a broker thing. They are not seen as a broker friendly lender. 

That is funny about BofA. They don't know crap though. I seriously was doing a loan for a Mortgage Loan Officer at Chase (well, actually for his parents to buy his home and he was helping QB it) and I kept talking to him like I would expect to talk to a guy that actually knew anything about mortgages. I kept having to explain things to him that a lot of times I don't need to explain to my customers. Then, he got mad when he had his mother semi-retire mid loan process and that it was causing issues/delays because "she is actually making more money now" which in the lending world, you can expect to hear from a regular schmoe off the street but for anyone doing loans, it is like "are you drooling on yourself right now, you moron?" kind of response. He wasn't new either. Been doing MLO at Chase for a couple of years and somehow still doesn't know the basics. The big banks are just ridiculously bad at mortgages unless they are doing jumbos. 

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9 minutes ago, Sand said:

Just signed up for new pictures and a Matterport layout.  Matterport looks awesomely :nerd:.

Dumb question, as I've heard it but don't know if it's urban myth.  True that the number of views a house gets go way down once priced with two commas?  

I think a RE agent that deals in that price range for the market would be best to ask on that but overall it sounds to me to be an old myth. In this market, people are forking over cash way above valuation..... so if valuation doesn't matter, I can't see how an extra comma would really matter. 

Edited by Chadstroma
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2 hours ago, Chadstroma said:

Demand is redonkulously high right now. There is not a lot of new builds in pipe. Other than a correction, which I think is looking possible for 2022, there will need to be some big changes to demand (essentially people not having jobs) or supply (more homes on the market) for a large drop in values. 

After we sell this summer, we won't be buying until likely 2023. Hoping things turn back to a buyers market by then. 

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On 4/5/2021 at 10:11 PM, Chadstroma said:

I am not a tax guy and don't play one on tv.... heck, I barely can do my own taxes... so don't take this as anything authoritative at all. I am just another schmoe on this. 

I believe if you have lived there for two years and the profit is under the threshold (I want to say $250K for single and $500K for married) then you don't pay capital gains. 

That being said... check with a real tax expert. 

You have to live there two of the last five years and the $250k/500k thing.

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1 hour ago, flapgreen said:

After we sell this summer, we won't be buying until likely 2023. Hoping things turn back to a buyers market by then. 

I really doubt this happens. They can't remotely get caught up from the homes not built from 2010-2015.

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Honestly I feel like in D/FW houses are under-valued.  There is next to no inventory, and maybe they are listing low expecting over list offers to keep the tax rolls down.  In Texas you aren't required to disclose sales prices but appraisal districts can pull MLS asking price.  

Realtors are just raking it in right now.   I mean if I was going to sell I'd first just throw a FSBO up on Zillow and see what happens sight unseen.  

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15 minutes ago, culdeus said:

Honestly I feel like in D/FW houses are under-valued.  There is next to no inventory, and maybe they are listing low expecting over list offers to keep the tax rolls down.  In Texas you aren't required to disclose sales prices but appraisal districts can pull MLS asking price.  

Realtors are just raking it in right now.   I mean if I was going to sell I'd first just throw a FSBO up on Zillow and see what happens sight unseen.  

I’m doing fsbo next time I sell. Wanted to do it in 2019 and just take the paper work to a real estate attorney to look over but my wife squashed it. Realtor put it on the market and sold it within 48 hours and raked in thousands of dollars for doing so. Still bothers me I gave in on that. 

Edited by Capella
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18 minutes ago, culdeus said:

Honestly I feel like in D/FW houses are under-valued.  There is next to no inventory, and maybe they are listing low expecting over list offers to keep the tax rolls down.  In Texas you aren't required to disclose sales prices but appraisal districts can pull MLS asking price.  

Realtors are just raking it in right now.   I mean if I was going to sell I'd first just throw a FSBO up on Zillow and see what happens sight unseen.  

No way an average person can handle the craziness and the creativeness of the offers these days. Lot of interesting stuff that is making things a whole lot harder to deal with. 

Or remotely be able to manage all the showings, unless they were 100% retired and had nothing else on their plate. Or even know what each buying segment wants in a home these days.

We are not listing low to keep any tax rolls down. We don't care about that. You list a little low for the sole purpose of getting the maximum people in the house and creating a multiple offer situation that creates an ebay effect and drives up the price even more. Anyone that lists their home at top dollar is an idiot. You'll wind up with higher offers listing it 5% below comps.

Edited by Getzlaf15
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11 hours ago, Getzlaf15 said:

I really doubt this happens. They can't remotely get caught up from the homes not built from 2010-2015.

This is a big supply issue pushing this current overheated market. On top of that... people just aren't selling. And then on top of that there are no REO's because if the moratorium. 

I am just curious to see what happens in 2022 when the moratorium ends. It is a big piece that people tend to forget about. Hopefully the people who have deferred and can't make upnthe difference do the smart thing and cash in on the market so they can reset with cash in their pocket and start over. 

I think 2022 will see more inventory come into the market. I also expect interest rates to be significantly higher which will cool purchasing power. This isn't a binary situation and everything is by degrees but I am starting to lean towards a correction in 2022. But hell... I have been wrong before and will continue to be wrong. We shall see.

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Just now, Chadstroma said:

This is a big supply issue pushing this current overheated market. On top of that... people just aren't selling. And then on top of that there are no REO's because if the moratorium. 

I am just curious to see what happens in 2022 when the moratorium ends. It is a big piece that people tend to forget about. Hopefully the people who have deferred and can't make upnthe difference do the smart thing and cash in on the market so they can reset with cash in their pocket and start over. 

I think 2022 will see more inventory come into the market. I also expect interest rates to be significantly higher which will cool purchasing power. This isn't a binary situation and everything is by degrees but I am starting to lean towards a correction in 2022. But hell... I have been wrong before and will continue to be wrong. We shall see.

Inventory is down 90% from 5 years ago in almost all markets.  It's going to take years to unwind that to normal just as it took years to unwind the foreclosure mess ten years ago.

Anyone in trouble is selling their house now or soon and pocketing the profits tax free if they've lived in it two years. I just did two listings last month where sellers had to sell because income has yet to return. And a possible another two coming up.

Housing is keeping the economy afloat these days. I doubt they do anything to dramatically change that.

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1 hour ago, Getzlaf15 said:

No way an average person can handle the craziness and the creativeness of the offers these days. Lot of interesting stuff that is making things a whole lot harder to deal with. 

Or remotely be able to manage all the showings, unless they were 100% retired and had nothing else on their plate. Or even know what each buying segment wants in a home these days.

We are not listing low to keep any tax rolls down. We don't care about that. You list a little low for the sole purpose of getting the maximum people in the house and creating a multiple offer situation that creates an ebay effect and drives up the price even more. Anyone that lists their home at top dollar is an idiot. You'll wind up with higher offers listing it 5% below comps.

The way I follow things is people list below market, and take offers based on photos sight unseen for cash and come see it a couple days later.  

It doesn't take much to look at the cash offers, pick the highest one and setup a showing for that one and maybe one or two backups. 

If you don't get any offers for whatever reason, pull the sign up and re-visit.  

The houses that don't move in Dallas have significant issues.  Mostly location based (proximity to busy streets).

I mean you can hire a lawyer to draw up all the paperwork for a flat fee once you have a buyer.  It's not rocket science.  Most realtors I know are pretty useless except for just simply having slightly better comp data. (which is low value in a hot market)

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1 hour ago, Getzlaf15 said:

Inventory is down 90% from 5 years ago in almost all markets.  It's going to take years to unwind that to normal just as it took years to unwind the foreclosure mess ten years ago.

Anyone in trouble is selling their house now or soon and pocketing the profits tax free if they've lived in it two years. I just did two listings last month where sellers had to sell because income has yet to return. And a possible another two coming up.

Housing is keeping the economy afloat these days. I doubt they do anything to dramatically change that.

You have too much faith in politicians 

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