Obama’s Debt Reduction Commission has recommended elimination of the mortgage deduction on our taxes. I doubt it will happen but if it does, real estate prices still would fall further. Because mortgage interest is the largest tax shelter the average person has, many buy more house than they need.
RE: Obama’s Debt Reduction Commission has recommended elimination of the mortgage deduction on our taxes
Well if true, this will all but ensure that real estate values will fall FASTER. Why? Because the tax incentive to own, buy or invest in real estate will be GONE.