Most state and local governments charge an annual tax on the value of real property. Statewide, the real estate tax varies between 0.27% and 2.35%.
Do the social benefits of homeownership from the past still apply?
Eighty-five percent of respondents reported that home prices remained constant or rose in September 2017 compared to levels one year ago.
Existing-home sales dropped 1.7% in August from one month prior, while new home sales declined 3.5%.
Housing affordability declined from a year ago in August moving the index down 8.4% from 163.7 to 149.9.
Amid improving macroeconomic conditions, residential lending continued to increase in 2016, based on the recently released 2016 Home Mortgage Disclosure Act (HMDA) data.
After a four-month spike following the elections, mortgage rates have begun to fall.
The survey shows a continuing redistribution of income and wealth to the top 1%, amid falling homeownership, modest gains in income at the lower income group, and large gains in financial returns from an 8-year stock market bull run.
Contract contingencies give the buyer and seller the right to back out of the contract if these conditions (contingencies) are not met.
At the end of August 2017, the inventory of homes for sale stood at 1.88 million homes, which is equivalent to 4.2 months of the current monthly sales pace.
Search Economists' Outlook
