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Mortgage News Daily

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Mortgage Interest Deduction Impeding Home Ownership? Pending Sales Soar
Posted to: Daily Newsletter
Wednesday, February 27, 2013 5:45 PM

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Feb 27, 2013 3:07PM

Is the Mortgage Interest Deduction Impeding Home Ownership?

The Hamilton Project, an economic policy initiative at the Brookings Institution, invited 15 economists of different philosophies to submit proposals for rethinking the Federal Budget. In the eighth of the resulting papers Alan Viard, Resident Scholar, American Enterprise Institute, proposed to replace the mortgage interest deduction with a refundable credit to reduce the artificial incentive for the construction of high-end homes by better targeting the tax breaks for housing. Viard says current...

Feb 27, 2013 10:39AM

Pending Home Sales Highest Since 2010 Tax Credit

Pending home sales rose on both a monthly and an annual basis in January. The National Association of Realtors® (NAR) which compiled the data said January was the 21 st consecutive month when its Pending Home Sales Index was higher than one year earlier. The Index increased 4.5 percent from 101.3 in December to 105.9 and was 9.5 percent above January 2012 when it was 96.7. The Index is a forward looking indicator based on contract signings for home purchases. The contract is generally expected...

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Today's Comments

Raegan Erdman

"I agree, Aaron. I'm being told it'll take 45 days for my license to be approved in CA, which is an incredibly long time."

Jeff Womack

"Home sales are up, but so are prices. This is sparking the home builders into action. The problem with all of this is that it's artificial and will..."

Aaron Bush

"It would be interesting to see the numbers broken down by state"

Today's Q&A

"can more than one offer raise the price of a sale"

"refinance my second mortgage"

"Is a real estate license required"

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More From MND

Mortgage Rates:
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  • 15 Yr FRM 2.92%
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