Get Real
With the Looming Fiscal Cliff, Do No Harm to Housing
Lisa Loper of the Scott Loper Team talks about a possible casualty of the Fiscal Cliff negotiations, the average American homeowner and their mortgage interest deduction.
As the Fiscal Cliff approaches, many reports speculate that reducing or eliminating the home mortgage interest deduction could be part of the deal brokered by Congress. This would affect millions of homeowners who currently deduct their mortgage interest payments from their income taxes. The National Association of REALTORS® opposes any change that would harm the housing market. The mortgage interest deduction is vital to the stability of the American housing market and economy. Ben Stein discussed this proposal recently on CBS Sunday Morning and referred to the “wisdom” of eliminating mortgage deduction as "foolish”: “If we could get housing roaring back, that would go a long way towards full recovery for our economy. Obviously, …
