[saganite]

The housing market needs all the help it can get. /s/

[Wuli]

“The housing market needs all the help it can get.”

The legitimate needs of the “housing market” does not need mortgage interest tax deductions.

It needs:

(1) for previously over-priced homes to come down in price, or foreclosed on and come down in price, so that someone who is working feels they can afford to buy,

(2) and more people working, so they feel they can afford to buy,

which will, over time, end major further declines in home prices and provide incentives for builders to build again.

As far as I know Canada has neither tax deductions for mortgage interest or major home-building subsidies (no Freddie/Fannie or FHA) and they have a home ownership rate equal to the U.S.