Did you hear about this?

Real Estate Broker/Owner with Fairstone Properties

Roughly 10.4 million single family houses in the U.S. contain 3,000 square feet or more, and represent 27 percent of the total valuation of single family owner-occupied units.  

And yet an influential committee leader in the House of Representatives is set to release a draft proposal to take away mortgage interest deductions for properties with over 3000sqft next month.  In other words, if your house is over 3000sqft you would not longer be able to claim the interest on your mortgage as a deduction on your Federal income tax.

All the details are not available until next month, but this may get some people up in arms as the bill could include higher gas taxes as well.  Whats the reasoning for all this hype?  The bill's goal is to help reduce carbon emissions and environmentalists say that these large houses consume more than their fair share of heating, electricity and building materials.

The National Association of Realtors and The National Association of Home Builders are already standing up to defend our homes and taxes.  Both are very serious players in our industry and believe that a move like this could cause a severe slow down in new construction and a sharp property value decline.  

Fairstone Properties
Protecting Your Equity

Comments (9)

Drew Riley
Spa Realty, Inc Team Riley - Hot Springs, AR
That's big news.......kind of makes you wonder how many senate and polictians have over 3000 sq ft homes.
Aug 27, 2007 04:04 AM
Leigh Brown
Leigh Brown & Associates, RE/MAX Executive - Charlotte, NC
CEO, Dream Maker - Charlotte, NC
There are a couple of good posts on AR from a couple of weeks ago about this topic. It's absolutely ludicrous and would prove that we're headed for a socialist society (from each according to his ability, to each according to his need).
Aug 27, 2007 04:07 AM
David Nichols
The Nichols/Ersery Home Team, RE/MAX Heartland - Lee's Summit, MO
Leenulls Summit Real Estate
We need to make sure we call or e-mail our elected officials and tell them this is crazy.  The housing market is so very unstable already. This would push it of the cliff!
Aug 27, 2007 04:10 AM
Brian Schulman
Coldwell Banker Residential Brokerage, Lancaster PA - Lancaster, PA
Lancaster County PA RealEstate Expert 717-951-5552
Beau, what passes for environmentalism in this country is actually a poorly disguised cover for anti-capitalists, who don't want our country to have cars, gasoline, large houses, or anything else that lets some people have more than others.  They need to be seen for what they are, and opposed at every opportunity.
Aug 27, 2007 04:14 AM
Hugh Krone
Weichert Referral Associates - Hamburg, NJ
Realtor, Sussex County NJ
It will never get passed the house or senate because it would be a major tax increase foe most of the members of both houses. And we can always count on politcians to look out for there own interest. Besides how many large political donors do you think live in houses over 3,000 square feet.
Aug 27, 2007 04:19 AM
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Congress is like a giant Amoeba.  It just slithers along sucking up everything it touches into a vortex where it is just simply devoured.  I'll have to draw one and post it. 

The greed for money (power) is insatiable. 

Aug 27, 2007 04:31 AM
Tracy Nicole Hamilton
Elk Grove, CA
Realtor - Elk Grove CA, Sacramento, CA

Hadn't heard of it.  That is absolutely insane!!!!

Aug 27, 2007 05:09 AM
David Nichols
The Nichols/Ersery Home Team, RE/MAX Heartland - Lee's Summit, MO
Leenulls Summit Real Estate
It may be insane, but to say that because it is a bad idea so Congress wont do it is silly!  They do dumb things all the time unless they think it will cost them votes.  Call them and be heard!
Aug 27, 2007 05:11 AM
Alexander Harb
Knights Investing - Mesquite, TX
Dallas, Texas Real Estate Investing
I want to type soemthing, but I am a nice guy... Congress NEEDS better people in it...the sad things is.... none of the good people get elected....
Aug 27, 2007 12:59 PM