Real Estate's Fiscal Cliff: 5 Items To Watch Out For
By now most of us are aware of the term “fiscal cliff.” The term refers to the economic mayhem that is expected if tax increases, spending cuts and the budget deficit rules go into effect in January 2013.
But while a fiscal cliff threatens the economy as a whole, real estate has its own fiscal cliff that's quickly approaching. And unless certain rules, laws and programs are extended, we could see a huge falloff in the recovery of the housing market.
Potential borrowers might want to get their transactions completed in front of those changes, since they might push rates and fees higher in their respective wakes.
Here are five items with approaching expirations that could seriously threaten the strides we've made so far:
- Expiration of the mortgage interest deduction
- Expiration of the Mortgage Debt Forgiveness Act
- Tax-deductible mortgage insurance
- Expiration of Operation Twist
- Foreclosure reviews
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