My column for the April 2011 issue of Builder & Developer magazine is now online. For this issue, entitled "A New Era for Home Finance: The Building Industry Can Either Lead or Follow," I wanted to touch on the very important subject of the national debt and the potential impact on home mortgages and the tax deduction for mortgage interest.
From the column:
As I sit here writing this column, the U.S. national debt is climbing past $14.25 trillion, or an average of nearly $46,000 for each citizen. Each day, that national debt rises by about $4.1 billion, as 40 percent of the 2011 federal budget is made up of borrowed money. Of the Obama administration’s proposed $3.7 trillion budget for 2012, 30 percent will go to Medicare and Medicaid, 22 percent will pay for Social Security benefits, 19 percent will go for defense-related programs and nearly 13 percent, or $474 billion, will be used to service the existing debt. So just what does that have to do with mortgage finance? Everything...
To read the entire column, click here.
To read the entire April 2011 issue in digital format, click here.
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