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What Does the Mortgage Interest
Deduction Mean to You?


Hello Clients & Friends,

IMPORTANT NEWS: It may seem confusing, but the mortgage interest deduction talks in Washington are important to you! Why? What does it mean? In the short sense, if the mortgage interest deduction is limited or removed, then you can't deduct on your taxes the amount of interest you pay on your outstanding mortgage balance - which means, your taxable income will be higher -- do you want THAT? Maryland residents need to pay strict attention because Maryland may be the first state to remove this deduction ..... information from Maryland and the National Association of Realtors below.

More than 80% of Americans view housing as critical to the nation's economic recovery, and nearly 70% feel that a presidential candidate's position on housing will be an important consideration in the voting booth. Whether you're thinking of buying, selling or are actively involved in the market, the attached Item of Value will give you a clearer perspective of the state of the market. The document provides tons of great statistics, based on national data -- such as:


62% of consumers feel that buying a home in the current market is a good investment over the
next 10 years


Homeownership rate rose to 66.1% in Q3 2011, up from
66.0% in Q2 2011.


Buyers searched for a median of 12 weeks and visited 12 homes before they found the one they purchased


39% of sellers did not reduce the asking price, 26% of sellers reduced it once and 35% reduced the price
two or more times.


35% of homes were on the market less than 2 months before they sold.


NEWS BELOW

Major Metro areas get too pricey for buyers - DC - VA _ MD #3 & #5


Maryland Mortgage Interest Deduction in Jeopardy!


NAR cautions against MID charges


Major Metros Get Too Pricey for Some Buyers
Daily Real Estate News | Monday, February 13, 2012

More Americans may be growing reluctant to buy homes in some of the nation's priciest areas because of the high cost.
"Even though people often say they want to live in urban neighborhoods where they can walk more and drive less, they get more for their buck where the car is king," says Jed Kolko, Trulia's chief economist. "Most long-distance searches are toward smaller, suburban, more sprawling areas, not toward the older, dense cities of the northeast." According to a new study by Trulia and 24/7 Wall St., Americans may be avoiding relocation to the following metro areas due to the high costs of real estate:

1. Newark-Union, N.J.-Penn. Median home price: $400,000
2. San Jose-Sunnyvale-Santa Clara, Calif. Median home price: $546,000
3. Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.V. Median home price: $390,000
4. Philadelphia, Penn. Median home price: $265,000
5. Bethesda-Rockville-Frederick, Md. Median home price: $700,000

"Most of the cities attracting lots of search activity from outsiders had huge price declines during the housing bust," says Kolko. "They're now much more affordable than they were during the boom - especially to people in cities where prices are still high."
Source: "Newark, San Jose, Washington and More Major Cities Where No One Wants to Move," 24/7 Wall St. (Feb. 10, 2012)


Maryland Homeowner's Mortgage Interest Deduction In Jeopardy. "Montgomery County homeowners would be disproportionately hit," GCAAR President Bonnie Casper commented. "We must engage our state delegates and senators." Take action now!

To automatically direct your Protect MID email to your proper Maryland Legislator, please complete your constituent/home address information requested. ... http://capwiz.com/mdrealtor/home/


NAR Cautions Against MID Changes
Daily Real Estate News | Tuesday, February 14, 2012
The National Association of REALTORS® has come out against parts of President Obama's proposed budget for 2012 that would limit itemized deductions, including the mortgage interest deduction, for wealthier households.
"NAR firmly believes that the mortgage interest deduction is vital to the stability of the American housing market and economy," 2012 NAR President Moe Veissi said. "We urge the president and Congress to do no harm."
Source:
http://realtormag.realtor.org/daily-news/2012/02/14/nar-cautions-against-mid-changes


Kelly Williams

TTR Sotheby's International Realty
202-588-2788
Top 1% Nationwide
www.KellyWilliams.com

http://about.me/Kellysells


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