I'll admit it....I'm shocked. Of course the fight is always a battle in process but I for one did NOT think the mortgage interest deduction would survive the fiscal cliff negotiations. I also am a realist. Since the thirst for revenue is never ending I suppose that there are going to be discussions in the future about how much or if a home's mortgage will be tax deductible. No matter....for now the overall dynamic of the housing market will not be changed by the loss of some or all of the mortgage interest from the taxes of consumers. If any or all of that deduction were eliminated there would be an immediate impact in the values of homes not only in Indiana but across the country. True it is highly beneficial for those who own bigger homes but if suddenly it cost any of us thousands more to own a home we'd think twice about how that affected our finances. It would also cause many to think about ever moving up and so many others to think about purchasing at all. So what? We'll reduce the demand for owned housing by 30% as an example and what do you think happens to the value of our homes? That's right....crap city, in SO many ways. Considering that housing is worth roughly 21% of our national economy do we really want it heading in the spiral towards the bottom of the porcelain. Perhaps that's what law makers considered. Right. Those fools couldn't find the porcelain with both hands let alone know how to use it. For those who own homes let's just consider ourselves lucky for now....and see what greedy hands do on housing in the months and years ahead.
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