Oakland Homeowners: The Mortgage Interest Deduction May Go AwayPosted by Hamid Grinage on Wednesday, December 5th, 2012 at 1:27pm.
If you own a home in Oakland or anywhere else in the Country for that matter, you may or may not know that part of the negotiations around the "fiscal cliff" involve the mortgage interest deduction for homeowners. Some want to eliminate it all together, some want to cap it at a certain amount and some want to leave it in place as it is. The interest that is paid on a mortgage is quite significant, and the fact that it can currently be deducted is one of the major benefits of owning a home.
Any reduction in the ability for home owners to deduct mortgage interest could be harmful to the housing market...which is why the National Association of Realtors is currently lobbying in Washington to have the mortgage interest deduction preserved. Although our housing market is recovering, it's still fragile and anything else that would hurt homeowners could jeapordize the recovery and the overall economy. Let's hope that our elected officials can agree on something that will allow the deduction to stay in place. The real estate market in Oakland is doing better than pretty much any other City in terms of rebounding from the crash, however not all markets are like Oakland so the impact of changes to tax deductions will vary in different parts of the Country. I personally just sent a letter to Congress and the Senate along with thousands of other Realtors to show our support for keeping the mortgage interest deduction as it is.
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