Thanks to Al Clark we are all aware.
It is hard to believe that Congress's professed effort to support the Middle Class would consider eliminating the Mortgage Interest Deduction. This deduction is a key factor in home affordability whether one buys a $50,000 house in a small town in a very rural part of the country or buys what amounts to a first time home buyer $300,000 home in San Diego.
The 18% to 25% deduction on mortgage interest equates to huge savings on annual basis and can simply be the difference between buying and sharing in the American Dream of Home Ownership(like the Congressman considering this item) or still giving the landlord all the tax benefits and profits via the tenant's rent payment.
Don't take me wrong: there is nothing wrong with renting!
Yet, to take away one of the under pinnings that allow home ownership to be affordable is not good macro economics for the U.S. economy or micro economics for the home buyer's budget.
Call your Congressman or Congresswoman!
P.S. Don't miss the notes on almost 14% increase in National Median Home price....good news keeps coming