Data from the January REALTORS® Confidence Index show modest market expansion compared to the rate of market recovery in 2012 through mid-2013.
NAR President Steve Brown's letter stressed the "need to fully understand the dramatic impact these increases have on property values and ownership sustainability."
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“Proposed limits on the mortgage interest deduction and capital gains, and the repeal of deductions for state and local property taxes ... will impact every single American,” says NAR President Steve Brown.
Housing affordability for teachers is in particularly dire straits in the Golden State, where 83 percent of homes in California are unaffordable on a teacher's salary, according to Redfin.
While national employment growth has been tepid in recent years relative to typical economic recoveries, some markets have done very well. Roughly a third of markets covered by NAR have outperformed the national average over this time period.
More home buyers and current home owners are weighing the merits of a "green" mortgage, which allows them to finance home improvements that will lower long-term energy costs.