The election of Donald Trump as president of the United States surprised a lot of people - what's still up in the air is what his presidency will mean for many sectors of the economy, including real estate.
Late in the campaign, Trump proposed increasing the standard deducation for couples filing together to $30,000 up from $12,600 and for single filers up to $15,000 from $6,300.
While that is definitely good news for tax payers and may cut down on itemizing of deductions, it could have the consequence of limiting how many people choose to deduct mortgage interest. What impact could that have on home ownership and the incentive to buy instead of rent? That's yet to be determined.
Read more at the Chicago Tribune here.