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With the Looming Fiscal Cliff, Do No Harm to Housing

Lisa Loper of the Scott Loper Team talks about a possible casualty of the Fiscal Cliff negotiations, the average American homeowner and their mortgage interest deduction.

As the Fiscal Cliff approaches, many reports speculate that reducing or eliminating the home mortgage interest deduction could be part of the deal brokered by Congress.  This would affect millions of homeowners who currently deduct their mortgage interest payments from their income taxes. 

The National Association of REALTORS® opposes any change that would harm the housing market.  The mortgage interest deduction is vital to the stability of the American housing market and economy. 

Ben Stein discussed this proposal recently on CBS Sunday Morning and referred to the “wisdom” of eliminating mortgage deduction as "foolish”:

“If we could get housing roaring back, that would go a long way towards full recovery for our economy.  Obviously, taking away the home mortgage interest deduction is the very last thing the housing market needs.  I'm not saying it would hit every home buyer, but a home is an investment. If we lower the return on an investment, well, you get the picture.”

Tell Congress to “Do No Harm to Housing” and leave the long-standing policy of the mortgage interest deduction alone.

The Scott Loper Team includes Scott & Lisa Loper, Keller Williams Real Estate, 601 Bethlehem Pike, Bldg. B, Ste. 100, Montgomeryville, PA 18936, (215) 631-1900, www.ScottLoperTeam.com.

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