Signs are quite evident that the housing market is beginning to recover. Report after report indicates home prices are rising in most areas and the number of home sales is also rising. With this in mind, the Housing and Urban Development Secretary, Shaun Donovan said the U.S. should not make major changes to tax breaks for homeowners.
In Sunday’s “Newsmakers,” program on C-Span, Mr. Donovan said it would be unwise to implement of any major alterations to homeowner tax incentives, such as the Mortgage Interest Deduction.
He did stress the urgency in helping more Homeowners who are current on their mortgage to refinance to a lower interest rate, saving the average underwater family with a mortgage about $2800 per year. (When viewing video, move the slider progress bar to 4:45 where the Secretary urges a new push for refinancing underwater homeowners. Then for discussion on the Mortgage Interest Deduction, slide to 11:15)
Economists all agree that the savings on interest would go a long way in stimulating the economy.
“This is not the time to be questioning the fundamental pieces [of U.S. housing policy]… while we’re still very much focused on recovering from the crisis,” Mr. Donovan said. “Anything that would change the system substantially now [would] have a real risk of stopping the momentum that we have in the housing market.”
President Obama and his administration have mentioned some desired changes to the deduction. One idea is to scale back the deduction, along with other incentives, for upper-income homeowners. (Couples earning more than $250,000 and individuals earning more than $200,000)
If Congress takes up substantive tax reform next year, it’s anyone’s guess what may happen to the tax incentives relied upon by millions of Homeowners. We will keep you up to date on tax reform and what the Secretary calls the Presidents “top priority”, providing more refinancing option
About Deborah Laemmerhirt
Let me assist you in finding everything you need to know about buying or selling a home! As the preeminent real estate professional in my community, I am dedicated to providing the finest service available while breaking new ground.
Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional that understands the industry and is positioned to stay ahead of the game.
I go the extra mile to help you achieve your goals. That’s why I constantly research the home, market and estate values so your home is priced effectively from day one. I also make sure the public knows your home is for sale by using innovative marketing techniques to attract potential buyers.
As an Internet-savvy real estate representative in Connecticut, I’ve had the opportunity to help many home buyers find their ideal homes and many sellers obtain top dollar for their homes. Buying or selling a home is one of the largest financial transactions that most people ever undertake, so I will help you through every step of the process. My goal is to make your home selling or buying experience as easy and enjoyable as possible.
My services include:
Explaining the home selling and buying process thoroughly
Diligently selecting homes that meets your criteria
Pricing your home correctly and implementing a unique yet proven marketing plan
Negotiating on your behalf
Tracking the closing process to ensure a smooth transaction
I welcome the opportunity to address any questions you might have about buying, selling or current market conditions. Please call or e-mail me any time, and I will be happy to discuss your next steps in the buying or selling process.
I specialize in both Residential and Commercial Properties.
I also head a Real Estate Group to provide you with expert service and support.
Areas of Expertise
Making transitions in your life is challenging. You may be moving from out of town, a different state, internationally or just next door! Regardless of the distance I am prepared to respond to your unique needs.If you are a BUYER looking to downsize, up-size, want a new construction, desire a condominium, to invest, even if this is your first home, I will design a unique plan to fulfill your needs in a reasonable time frame, with the best negotiated price and the least amount of inconvenience.For my Home Sellers, I have an innovative marketing plan that will leave nothing to chance. Just call, and I would be happy to share the DIFFERENT and SUCCESSFUL TOOLS I utilize on each of my listings.
I have lived in Connecticut for over 35 years. I practice Real Estate in Fairfield County, New Haven County and Litchfield County. This includes, but is not limited to Bethel, Bridgewater, Brookfield, Danbury, Harwinton, Kent, Litchfield, New Fairfield, New Milford, Newtown, Oxford, Ridgefield, Redding, Roxbury, Sherman, Southbury, Warren, Washington, Westport and Wilton.
