I'm not generally political in my real estate commentary, however I feel it encumbent upon all of us to really grab this bull by the horns (with a bullhorn) and, like all the little Whos, make a loud enough noise that we're all heard in Washington.
As most of you probably know, congress is considering passing a bill that would remove the mortgage interest deduction from all of us. As a realtor and a homeowner I am flabberghasted at the mere thought of this. As if the real estate market has not been bad enough, congress is considering cutting the very legs of the real estate industry off at the knees by eliminating this deduction. Aren't we in enough trouble already with massive unemployment, massive foreclosures and shortsales, 30-40% of homeowners under water?????????? And what of those homeowners who are upside down and have been trying to do the right thing by hanging in there and paying their mortgages despite the hardship and lack of equity? Now, not only will they continue to pay on a home with no equity but they will be penalized from being able to deduct what is likely almost all interest from their payments, in many cases tipping them over the edge into foreclosure.
I have called my congressman and let him know where I stand, have you? Get the word out!