The real-estate industry is struggling.
For the first time in nearly a decade, a record number of people are losing their homes in the Great Recession.
The numbers are bad enough that some industry leaders are calling for a massive tax cut to help make up for the shortfall.
They also warn that some homeowners, especially young professionals, could face a steep tax bill if Congress does not act soon.
And many real-tor agents and brokers fear that as the housing market recovers, the government may not be able to offer the same relief to those homeowners as it has to older Americans.
“I’m worried that the government won’t be able provide the level of assistance that it’s been able to provide to older people,” said Paul A. Hannon, a senior vice president at the real-tourism marketing firm, Avis.
“And that could lead to higher prices for younger folks and people with more debt.”
The housing-market recovery is the biggest single stimulus package in the nation’s history.
But there’s no sign that the real estate sector is benefiting from it.
For most of the past decade, the U.S. real estate market has enjoyed record-breaking growth, with average sales prices climbing nearly 80 percent between 2008 and 2017.
Sales are up nearly twice as fast as wages, and median home values have more than doubled in that time.
The boom has generated a glut of housing and attracted investors eager to buy in the boom-time housing market.
But as the economy has been recovering, the realtors and other industry leaders have begun to worry that the boom may not last.
In recent months, the Trump administration has signaled that it will not extend the Bush-era tax cuts for homeowners and for families making more than $250,000 a year, saying it does not want to exacerbate the crisis by raising taxes on lower-income families.
Some real-life-reform advocates say the administration’s approach is making it easier for the wealthy to buy homes.
They say it could increase the tax burden on older Americans and people who have not been able or unwilling to pay the mortgage on their homes.
And they worry that if the housing bubble bursts, as some have predicted, the tax cuts could be wiped out and the government would face a much bigger deficit.
If the government fails to address the problem, they say, the crisis will worsen.
But a growing number of experts, real- estate agents and other real-world experts say the realty industry is in for a long haul as it tries to repair its finances and rebuild its economy.
“We need to do a much better job of helping people save and grow their wealth,” said Peter D. Fenn, a professor at the University of Maryland School of Public Policy.
“But we also need to be responsible for making sure that we’re not hurting our economy by driving people out of the market.”
The Trump administration, which has signaled its willingness to help the real world by providing a stimulus package, has been careful not to hit hard enough with tax cuts.
It has said that the tax-cut proposal will likely include provisions that would not only lower rates on the wealthy, but also provide relief to older homeowners and help people make the most of their properties.
But the White House has not said how much it plans to cut the tax rates for the wealthiest Americans.
And some real-ty experts say there is little chance that the administration will provide the needed relief for older Americans without making a major change to the mortgage interest deduction, which they say would increase their costs.
They worry that any tax cuts the administration provides will not be enough.
“The tax cut package will be good for a few million Americans, but it’s going to hurt everybody,” said Michael H. Murphy, a former top executive at Fannie Mae, the mortgage-backed securities firm.
“You’re going to have a massive increase in the cost of housing.”
A key question is whether the tax break will be permanent.
The tax breaks expire on Dec. 31.
If Congress does nothing to extend them, it could make it harder for people to buy new homes in 2018 and 2019.
“It’s going on for years,” said David M. Kranz, a tax analyst at PNC Capital Markets.
“They’re going through the same thing we’ve been through in terms of the economy and the economy-wide, and they’re just not making it any easier.”
He said that while it would be nice if the tax breaks were permanent, the timing of the tax changes “doesn’t make sense for me.”
As the housing and economic crisis worsens, real estate agents are warning that the bubble could burst, leading to even bigger losses.
“If the market is over-inflated by the time the mortgage is paid, we’ll have a lot of people leaving the market,” said John M. Hoey, a real-investment broker and former president of