Real Estate News 01/17/2024

Today’s News Synopsis:

The IRS will start accepting and processing 2023 tax returns for individual filers on Jan. 29. Most taxpayers must file federal returns and pay balances by April 15 to avoid penalties and interest.

In The News:

CNBC – “Tax filing season kicks off Jan. 29. Here’s what taxpayers need to know“ (01-08-24)

“Most taxpayers must file federal returns and pay balances by April 15 to avoid penalties and interest. But the agency urges taxpayers to begin the filing process sooner.”

FOX Business –  “This was the average cost of an American home in the decade you were born” (01-16-2024)

“The cost of American homes has skyrocketed over the years due to inflation, and you may be amazed at just how much the market has changed over the past 80 years.”

Bloomberg –  “US Home-Purchase Applications Climb to an Almost Six-Month High” (01-17-2024)

“The index of mortgage applications to buy a home increased 9.2% in the week ended Jan. 12 to 162.2, the highest since July 14, according to the Mortgage Bankers Association. The measure of overall applications, which also includes refinancings, jumped 10.4%.”

Redfin –  “The Lock-in Effect: 89% of People With Mortgages Have an Interest Rate Below 6%, Down From a Record 93% in 2022” (01-12-24)

“Nationwide, 88.5% of U.S. homeowners with mortgages have an interest rate below 6%, down from a record high of 92.8% in mid-2022.  ”

Yahoo Finance –  “A rolling debt transfer is coming: ‘Debt does not miraculously disappear’” (01-14-24)

“As baby boomers age, an inheritance wave dubbed the “great wealth transfer” is underway. What’s also ahead: a great debt transfer that will have to be managed by younger generations of Americans.”