The Washington bureaucrats are discussing the elimination of the mortgage interest deduction. Of course, the NAR is strictly opposed to this. The interest deduction has been around for some 80 years. We believe the elimination of this deduction would hamper the economic recovery. It would affect the mind sets of buyers. Buyers are already reluctant. Let's not add to their wariness
Ditto Julie:
It is hard to believe that during these tough times anyone would be thinking that that would be a good idea.
For the economy to recover, new homes need to be built. For new homes to be built, existing homes need to be sold.
I agree, it would sicken an already ailing industry. I see the justification for it over time (perhaps phased out rather than ended). It is a very expensive gift from the government and unfortunately many who can itemize and take advantage of it do not even use the mortgage deduction. That is a shame.
That would be awful. Some homebuyers already think the process is to grooling and then to take away a benefit would make some buyers think twice.
You are right Julie....hopefully the powers to be will realize it is the wrong thing to do and leave things alone...
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