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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: edward miller who wrote (17383)	4/26/1998 10:22:00 PM
From: paulmcg0	Read Replies (2) \| Respond to of 94695

I wish that Congress would end the mortgage interest deduction -- it really discriminates against renters, and I think it also violates the 14th Amendment clause about equal protection under the law. There is no socially useful function served by giving a tax break to people with mortgages, at the expense of other Americans without mortgages. (Side note: the realtors' associations estimate that home prices would be at least 15% lower if Congress eliminated the mortgage interest deduction.) Ok, enough political ranting! I have had friends around this area who have been "under water" until recently. That means that because of a drop in real estate prices, they owed more on their homes than they could sell them for. The question becomes do you wait it out and hope real estate prices will go up, or do you screw up your credit history by abandoning the home and its loan? (I know a woman who was forced to do that.) Paul M.