High Interest Rates Here to Stay! Biden to Raise Capital Gains Tax and UWM in Shell Scheme?

Join us for this captivating episode of the Real Estate Talk Podcast where we dive deep into a discussion about the recent data surrounding the Personal Consumption Expenditures that rose to 2.7% in March from 2.5% in February. This indicates a strong economy where consumers are continuing to spend money. However, it should be noted that personal savings is down. This is likely due to rising inflation across the board where every day items are causing every day Americans to suffer and ultimately live pay check to pay check. The high PCE is a strong indicator that mortgage interest rates are likely to increase or remain unchanged throughout the summer. This is looking more contrary to the Federal Reserve's earlier prediction of seeing up to three interest rate decreases in 2024. Also in the news United Wholesale Mortgage (UHM) is accused of running an alleged "shell scheme" with UMortgage. The mortgage giant is accused of having its executives create an "independent" company that has sent UHM an estimated $1.9 billion in loans This follows a recent tirade by UHM and Phoenix Suns owner Mat Ishbia where he was caught leaving a scathing voicemail to a colleague and leaving alleged homophobic remarks. Finally, we speak about President Joe Biden's proposal to increase the capital gains rate to 44.6%. If passed, this bill could send shockwaves across the real estate investment industry, which could possibly worsen the 7 million home shortage in the United States. Real Estate Talk Podcast is sponsored by Closer Coffee Company. Premium coffee roasted to perfection. Coffee for closers by closers. Fuel your hustle at www.closercoffeeco.com.Watch this episode on YouTube