President Donald Trump's tax cuts passed in 2017 appear to be partly behind the slowing housing market.
While the tax overhaul came at the same time as higher borrowing costs, the New York Fed said the recent slowdown was more severe than previous episodes when mortgage rates rose by a similar amount. "Changes in federal tax laws enacted in December of 2017 have contributed to the slowing of housing market activity that occurred over the course of 2018," economists Richard Peach and Casey McQuillan said in thewas long expected to increase after-tax home ownership costs by capping the amount of mortgage debt on which interest is deductible, doubling Americans' standard deduction and lowering marginal tax rates.
The New York Fed found the largest sales declines tended to be in the highest price ranges and areas with higher income and property taxes at the state and local level, where homebuyers would have been most affected by the tax changes.
Source: News Formal (newsformal.com)
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