The end of middle America?

[LAM]

technically it is just another form of subsidy, however for it to be fair and across the board the deduction needs to go for commercial and corporate properties...

this would not be that big of a deal of people bought smaller houses that cost less and were required to put down more like after WWII. my mother was telling me the other week that after the war my grandmother had to put down 40% on her home. we need to go back to at least the "old" minimum of 20% this will force a lot of home buyers to make more realistic home purchases in terms of what they "really can afford" vs what "they want".

 

[danzik17]

And when the govt takes away the mortgage interest deduction very soon it'll be the nail in the coffin...

I disagree. You know what I think will happen? The prices of housing will go down.

I'm in the market for a house. I make my budget so I am in the black without that deduction knowing that I'll have the deduction there as extra breathing room. If that deduction goes away, then I won't be willing to pay as high a price for the same house as I won't have enough breathing room in my budget. Maybe instead of paying 250K, I'll only be willing to pay 230K to afford it on a monthly basis.

Assuming most homeowners are smart enough to do those kinds of budgets, then I can only assume that housing prices will drop if the deduction goes away.

 

[maniclion]

Middle America, where most da nigga's be white.....

 

[Big Smoothy]

Recent data released on the housing values. The bottom has not been reached. Where the bottom is? We don't know. As stated, cash is king and there are some good deals out there.

As for the "owning" of a home (translation: take out a mortgage loan from a bank), the foreclosures this year (2011) will be higher than last year in 2010.

A brief snippet:

YouTube Video

 

[Black Rider]

There is no way out folks. We've sold ourselves to the Saudis and to China, not exactly people that have our best interest in mind. We are Rome about to be sacked while bleating about global warming and protecting a worm and 20% of us our unemployed and the government continues to bloat.
Prepare for your new overlords.