Elder Patriot – Zillow an amazing financial statistic following Donald Trump’s successful first year in office earlier this week.
On Thursday Zillow announced a $2 trillion gain in home values nationwide to a total worth of almost $32 trillion.
The value of the entire U.S. housing stock increased by 6.5 percent in President Trump’s first year.
For homeowners in Trump country the outlook for 2018 remains positive especially as investors begin seeking ways to turn their amazing stock market returns (that far outpaced the growth in real estate values) into more tangible assets.
The outlook is not as rosy for those high tax leftists in Blue states, though, as the following chart shows:
All deeply blue and all with overly high home costs and highly taxed. In fact, the 10 most valuable metropolitan areas combined are worth $11.3 trillion. That’s an astonishing 36 percent of the total value of the U.S. housing stock.
The reason for the pessimism in these markets is the new federal tax law that includes a lower limit on the amount of debt eligible for the mortgage-interest deduction and a cap on state and local tax deductions. According to the National Association of Realtors those changes will land hardest on homeowners in coastal markets with high property values — and taxes — and could lead to price declines.
I guess if those liberals only followed the advice they give the rest of us and lived in smaller more affordable homes they would be sharing in the good news in 2018. Oh, well.
In the meantime I’ll spend tonight raising a glass to America’s blue-collar billionaire, President Donald Trump.
Happy New Year!!!