one more reason the american dream is a nightmare

[curmugeon]

If you ever dreamed of a home of your own, that dream may evaporate. One key to home ownership is the interest deduction on the loan. That may go away, watch for it. Goodbye American Dream.
Posted on Dreamwidth

Comments

[gurdonark.livejournal.com]

The absence of the deduction should bring a corresponding price reduction. The difficulty will not be for those who want a home, but a loss in relative wealth for those with existing homes, I think.

[n6vfp.livejournal.com]

Already with the foreclosure crisis the property values around here have suffered. I've seen home that sold for $250k a few years ago go for under $50k at auction. This deflates the local market tremendously. Some are doing well, becoming the new owners, others are reduced to living with friends. I see more people every day resigning themselves to poverty as the first lose their job then their home. Lucky for some that most of the churches have food programs. No, living in a rural community I see more and more poverty every day. The end of the mortgage interest deduction will be the final blow for many, adding to the burdens they already face.