One effect of the latest tax law

The 2017 tax law capped federal deductions for state and local real estate and income taxes at $10,000 a year and also eliminated some mortgage interest deductions. This has had a pretty big reduction  in home values.  Counties with high home prices and high real estate taxes and where homeowners have big mortgages are suffering the biggest hit, given the larger value of the lost tax deductions. The decline in values is over 11% in some areas.