*

60% unsure if it's a good time to buy a home, BofA survey

shows

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Sales of new U.S. homes hit three-year high despite

economic

uncertainty

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Expanded SALT cap could benefit big earners in high-tax

states

By Lauren Young

NEW YORK, May 30 - This was originally published in the

On The Money newsletter, where we share U.S. personal finance

tips and insights every other week. Sign up here to receive it

for free.

Spring traditionally is considered the buying and selling season

for the housing market. But there has been a bit of a vibe

shift. U.S. homeowners and prospective buyers are feeling

uneasy, a new Bank of America ( BAC ) survey shows, as rising mortgage

rates deter buyers.

Of the 2,000 respondents to BofA's poll, 60% said they could not

tell whether it was a good time to buy a home, according to the

report published by the nation's second-largest lender. That is

up from 57% last year and 48% in 2023.

Economic uncertainty is not stopping everyone from buying new

homes: Sales of new U.S. single-family homes surged to more than

a three-year high in April, as builders lowered prices to

attract buyers. But new housing inventory is still near levels

last seen in 2007.

New homes are not exactly cheap, either. The median new house

price was $407,200 in April.

Another interesting tidbit is that new homes are getting

smaller. So why aren't they more affordable?

If you're buying a home, selling a home or wondering what to do

now, I want to hear from you. Tell me about your experience.

Write to me at .

What the current SALT tax proposal means for you

I've been especially interested in tax legislation working its

way through Congress, especially because the Republican-led U.S.

House of Representatives passed a bill last week that would

allow a deduction of up to $40,000 on federal returns for state

and local taxes, known as SALT. A previous version of the bill

had a cap of $30,000.

If passed by the Senate, the new expanded SALT cap would benefit

millions of big earners in high-tax states, including New York

(where I live), New Jersey, Pennsylvania (where my parents

live), Maryland, Oregon and California.

Of course, bills tend to morph and change in the legislative

process. As Donald Trump's so-called "big, beautiful bill" winds

its way through the Senate, it could end up looking very

different.

Follow the latest news here. And let me know if you stand to

benefit from an expanded SALT deduction. Write to me at .

Read, watch and listen

What's behind these big stock swings?

JetBlue, United tie up to let passengers book on both

websites

Humanoid labor: Behind the global race for robot supremacy

How the student-loan crisis will show up in the economy

(WSJ)

Trump administration axes Biden-era barrier for crypto in

401(k) plans (CNBC)

Why Amazon's in-car software deal with Stellantis ( STLA ) fizzled

Retirees, get ready to need long-term care. Here's what to

know (NYT)

Five things I learned reading Reuters this week

1. According to LSEG, S&P 500 earnings are expected to

increase

8.4% in 2025 compared with 12.1% in 2024. But the 2025 estimate

is down sharply from 14% growth estimated on January 1.

2. In 2019, TikTok consumed, on average, over 2 minutes of

each

U.S. adult's day. Five years later, that number increased to

almost 18 minutes, according to an analysis by advisory firm

Epyllion.

3. As Tesla models age and face rising competition from

other

electric vehicle makers, the cars now lose value faster than

almost any other vehicle. An analysis by CarGurus ( CARG ), a used-car

sales and data service, found that the average selling prices of

used Teslas have fallen 7.6% over the last year, compared to a

decline of 0.8% for a composite index of all brands. Prices for

Tesla's Cybertruck have plunged 46% over the last year, while

Model Y prices fell 14.1%.

4. The extended Line 14 of the Paris Metro now reaches Orly

Airport, bringing the journey from the airport to the city

center to under 20 minutes.

5. There were 5.5 working-age Americans for every

over-65

in 1990. By 2023 that number had fallen below 4, according to

World Bank data.

How do you stay informed about climate change?

Reuters is surveying readers like you to find out how you get

your news about climate change, and what your concerns are

around the topic. It took me less than two minutes to take the

survey, and you can do so here.