Today’s News Synopsis:

They won’t really touch the mortgage interest tax deduction….right?  3D photography now allows customers to see even more detailed pictures of a home as if they are on location.  The Commerce Department reported new home sales decreased last month to their lowest in 7 months, down 9.4% month-over-month and 8.9% year-over-year to 571,000.

In The News:

Forbes – “3D Real Estate Photography Is Now A Reality — And A Must-Have” (8-23-2017)

“Tech disruption of the real estate industry shows no sign of slowing. From Zillow attempting inroads into agent-less offers to multiple players upending traditional broker-agent and agent-client relationships, real estate professionals ignore the changing business landscape at their own peril.”

MarketWatch – “New-home sales skid to 7-month low in July” (8-23-2017)

“New-home sales tumbled in July, a discouraging development for a market starved for supply.  Sales of newly-constructed homes were at a seasonally adjusted annual rate of 571,000, the Commerce Department said Wednesday.”

Mortgage Bankers Association – “Mortgage Applications Decrease in Latest MBA Weekly Survey” (8-23-2017)

“Mortgage applications decreased 0.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 18, 2017.”

CNBC – “Popular mortgage deduction could get a haircut in tax reform” (8-23-2017)

“The mortgage interest tax deduction has long been considered politically untouchable — until now, that is.  The hands-down favorite of taxpayers is back on the negotiating table as tax reform kicks into high gear, according to industry sources, even though no one from the Trump administration has said that out loud, and Republican leaders in Congress say not to worry.”

Curbed – “‘Linkage fee’ to spur affordable housing production clears city committee” (8-23-2017)

“Los Angeles Mayor Eric Garcetti’s proposal to charge developers fees to help pay for affordable housing got a boost Tuesday with the unanimous endorsement of the City Council’s Planning and Land Use Management Committee.”

Wall Street Journal – “A Mortgage Mystery: What Happens to ARMs When Libor Goes Away?” (8-23-2017)

“The strong sales momentum that occurred during the peak home-buying season gave way in July as shrinking housing inventory and waning affordability stifled pending home sales, which declined both from the previous month and year, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.”

Housing Wire – “Military families struggle to find affordable housing” (8-23-2017)

“Affordability is a problem that plagues homebuyers and renters in most areas of the U.S., but the Military community could be some of the worst hit as home prices continue to increase.”