Home values nationwide to see sharp declines from GOP tax plan

NAR analysis predicts declines of $56K in Cali, and more than $40k in CT, MA and HI

Home values in California could plunge by more than $56,000 and owners there could be exposed to $30,000 in new capital gains taxes under a House tax proposal that would cap the mortgage interest deduction at $500,000 and alter tenure requirements, new data indicates.