Happy ๐ Christmas Eve Eve, the sixth day of ๐ Hanukkah, and Friday โ๏ธ ! Hoping all your shopping is
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PCS Posts
By Joseph E. Seagle, Esq. โ Dec 23, 2022
Smart Brevityยฎ count: 3 mins...734 words
Happy ๐ Christmas Eve Eve, the sixth day of ๐ Hanukkah, and Friday โ๏ธ ! Hoping all your shopping is done, the candles are lit, and your wishes come true this year. Weโll keep this edition shorter than usual this week because Iโm not done with my ๐๏ธ shopping and need to get it done.
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1 big thing: Looking back on 2022
This year's biggest stories in real estate were inflation, interest rates, buyer demand, seller supply, insurance costs, and scams.
This week saw updates in all of these subjects.
Inflation has driven prices out of reach for over 80% of the homes on the market for those making median incomes or less.
What theyโre saying: about insurance: Politifact ran the latest law changes through their Truth-o-Meter, and itโs not pretty for consumers who wonโt see much, if any, rate decreases.
And, speaking of scams, Pennsylvania and Massachusetts joined Florida in suing MV Realty PBC, LLC for taking 40-year listing agreements in exchange for small sums paid to those consumers.
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2. 2023 Retirement funds changes

Congress made major changes to retirement account rules for 401K plans and IRAs as part of the $1.3 trillion 2023 spending bill that passed the Senate yesterday and is expected to pass the House today.
Why it matters: The bill is a cornucopia of spending for defense, healthcare, Medicare, and Social Security, but only about $15 billion for discretionary projects. It funds the government through next September.
By the numbers: Focusing on retirees:
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Social Security Administration got a 6% increase to $14.8 billion to pay more employees to process claims and answer calls faster.
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Centers for Medicare & Medicaid Services received $4.1 billion in total spending, an increase of $100 million.
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Department of Veterans Affairs got $134.7 billion, an increase of $22.5 billion.
Whatโs next: Big changes are in store for retirement accounts too, most starting in 2025.
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Require most employers that offer 401(k) or 403(b) plans to enroll new hires automatically and to increase their contribution level annually unless the employee opts out. Part-timers can participate sooner. This will triple the number of participants in such plans.
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Increase from 72 to 75 the age at which individuals must start taking required minimum distributions (RMDs) from their retirement accounts. The change would be phased in from 2023 to 2033.
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Reduce penalties for failures to take RMDs from the current 50% down to 10%.
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Raise limits on catch-up contributions to 401(k) and 403(b) accounts for people ages 60 to 63 up to $10,000 extra each year.
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Student loan payments may be credited as employee contributions to a 401K plan, meaning that employers would match those payments, helping student debt-laden employees to still build retirement savings.
The non-refundable IRA tax credit would be repealed and replaced with a federal matching contribution to a retirement account starting in 2027.
Go deeper: CNET
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Home flipping profits dropped 18.4% from the previous quarter, the most significant pace in over a decade. CNBC
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The cost of mortgage fraud is up over 20% this year. National Mortgage Professional
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AirBnB is working with apartment complexes to allow tenants to sublet their apartments on the platform. Bigger Pockets
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Over half of Jacksonvilleโs home sales in October were all-cash in a trend that is up nationwide over last year. Barronโs
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Edward is getting ready to get ready to exercise in the coming new year while waiting for Santa to arrive.
We and most businesses will be closed on Monday for a three-day weekend, plus weโre closing early today ๐. If you also have a long weekend, make the most of it, and enjoy the Arctic bomb cyclone. Mele Kalikimaka!
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We hope you found this helpful โ any feedback is appreciated and can be shared by hitting reply or using the feedback feature below.
Be on the lookout for our next issue! ๐
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