Huntsville Alabama About the Importance of Mortgage Interest Deduction

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Real Estate Agent with Assoc. Broker/Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, @HomesBirmingham & Providence Property Mgmnt, LLC Huntsville AL

Huntsville Alabama About The Importance of Mortgage Interest Deduction

Search Madison County Alabama Homes for sale if you're looking for an address to hang your Mortgage Interest Deduction on!Huntsville Alabama About the Importance of Mortgage Interest Decuction

Whether you live in Huntsville Alabama, Huntsville Washington or Huntsville New Jersey the Mortgage Interest Deduction (MID) is important to your financial position.

There's been lots of talk in Madison and Huntsville Alabama About the Importance of Mortgage Interest Deduction and around the country. Mortgage rates, tax credits and cuts have been in the news for a long time now and it can be hard to understand how it all applies to you and your Huntsville Alabama home. A recent research and analysis by economists at the National Association of Home Builders (NAHB) on the mortgage interest deduction (MID) delves into how this particular tax provision benefits homeowners. Scrutinizing data collected by the IRS and the Census Bureau, NAHB released this information, explaining how MID effects your home and those around it.

NAHB dispelled many commonly accepted claims seen in the media with their investigation, showing that the majority (86%) of home ownership MID tax benefits are received by middle-class households and that nearly 70% of those homeowners currently use the deduction. In fact, they state that at some point every home buyer benefited from it. Their findings also argued that declines in home sale prices would likely occur if MID was repealed, since it would reduce buying power for many homeowners.

How Does the Removal of the MID Affect Your Huntsville Alabama Home?

Also discussed in the recent NAHB release was whether the removal of MID is considered progressive, negatively impacts those who seek to invest, it's affect on renters, and how the tax credit rate impacts individuals, landlords, and the housing market. To learn more or view the release, please click here.  For the National Association of Home Builders Website.

Search all residential real estate listings in Madison County Alabama.

Nick T Pappas

If you need a knowledgeable real estate professional in Madison or Huntsville Alabama area, why don't you let me Google that for you! I also know outstanding agents in all states and Canada should you need help relocating to a new area.

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Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

Great information, Nick. It would be too bad to see the mortgage interest deduction go away. That would be one less incentive for someone to buy a home. You're statistics are great. I'm happy to see that such a large percentage of homeowners are using the deduction.

Jul 31, 2013 08:53 AM #1
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Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

I know I certainly love having a mortgage interest deduction.  I am not sure how hard it would really impact the market.  I have only served one buyer that came to me to buy for that reason, and they never ended up buying anyway.

Jul 31, 2013 10:44 AM #2
Rainmaker
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Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Nick I am with you and every savvy Realtor the Mortgage Interest Deduction if it goes away it will slow the Real Estate Market further and we do not need it. Money saved here will cost more in the long run! What do I know I am just a Realtor!

Jul 31, 2013 11:12 AM #3
Rainmaker
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Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

Nick, I'm hoping it won't go away, certainly a great help but I don't think it will have any negative impact on the housing market.

Jul 31, 2013 11:36 AM #4
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Nick it seems that every year this deduction come up on the chopping block.  Maybe it is time for those who want to eliminate it to be the ones up on that block the next time they are up for election.

Jul 31, 2013 12:33 PM #5
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Ed Silva
RE/MAX Professionals, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Nick, this is again a hot topic and one wonders if the politicians bring it up just so they can have a cause to defend and taut to their constituents about how they saved it

Jul 31, 2013 01:21 PM #6
Rainmaker
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Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

I have blogged on this topic many times. The deduction has been on the chopping block for a few years and there is a lot of pressure this time around. Maybe not to eliminate it completely but reduce it for sure. keep getting the information out there.

Jul 31, 2013 07:00 PM #7
Rainmaker
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Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Nick, great information to provide the public, as this would make quite a change on the outlook of housing if the Mortgage Interest Deducktion would be elminated.     This and the mortgage interest deduction on year tax forms is huge.

Aug 01, 2013 02:01 AM #8
Rainmaker
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Nick T Pappas
Assoc. Broker/Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, @HomesBirmingham & Providence Property Mgmnt, LLC Hun... - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource

Thank you all for your comments and yes the Mortgage Interest Deduction does routinely come on the chopping block and I didn't think of it in the terms that Ed Sliva mentioned...I would tend to believe that Ed may be on the right track. It's terrible how cynical we are about our government, but with the latest disapproval ratings of 77% it's not just me!

Aug 01, 2013 06:33 AM #9
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Nick T Pappas

Madison & Huntsville Alabama Real Estate Resource
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