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MAJORITY OF HOMEOWNERS WANT FEDERAL TAX CREDIT

[ 0 ] May. 12, 2011 | SBO Editor
A majority of homeowners want Congress to leave the federal tax credit intact, allowing them to write-off mortgage payments.

A majority of homeowners surveyed say they want Congress to leave the federal tax credit for homeowners alone, and institute other tax advantages to re-stimulate the U.S. housing market, according to a Housing Predictor dot com opinion poll.

Slightly more than half, or 53% of respondents said they want the tax credit for homeowners on their federal taxes to stay in place. The credit has been debated in Congress as a way of increasing federal taxes to help resolve the U.S. budget crisis and has been regarded as sacrosanct until the budget deficit, driven by Wall Street and mortgage banking excesses, ran into trillions of dollars.

The tax credit allows homeowners to write-off mortgage interest and state taxes paid as an itemized deduction on their personal federal income taxes. A large group of real estate and lending industry organizations, including the National Association of Realtors has lobbied for its retention.

Housing Predictor is an independent real estate reach firm that forecasts more than 230 local housing markets in all 50 U.S. states, surveys visitors on important real estate related issues and keeps visitors up to date on real estate news and mortgage rates.

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Category: Features