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What the Tax Plan Could Do to OC Housing

The market is disproportionately impacted in a negative way by the tax bill, so the high-end housing sector here may see some softening of demand now that the GOP’s bill has passed, ATTOM Data’s Daren Blomquist tells GlobeSt.com.

Daren Blomquist Blomquist: “We will likely see even more demand for homes priced below the $950,000-to-$1-million price point (approximately where a $750,000 loan would be needed), putting more pressure on the mid to lower end of the market.”

IRVINE, CA—The Orange County market is disproportionately impacted in a negative way by the newly passed tax bill, so the high-end housing sector here may see some softening of demand, ATTOM Data Solutions’ SVP Daren Blomquist tells GlobeSt.com. The firm recently reported that as a result of the plan, the mortgage interest deduction will be lowered for 3.9% of homebuyers nationwide (roughly 100,000 a year), down from 9.8% of the market impacted with the MID cap at $500,000 instead of $750,000.

The firm’s report also states that the property-tax deduction will be lowered for 4.4% of homeowners nationwide (4.1 million).

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Carrie Rossenfeld

Carrie Rossenfeld

Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.

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