Don't eliminate the mortgage tax deduction

You may not know that there is a proposal to eliminate the mortgage tax deduction. This is among the efforts to eliminate all tax deductions. As for the home builders and the construction industry, the mortgage tax deduction is critical for the growth of this market segment. As I have mentioned in previous blogs, we support new home construction. It is one tradition that has meant economical growth for decades. At Cable-tite, we do not want to see this deduction eliminated, and support NAHB and many other agencies who are fighting this proposal. Please do you part to let it be known that we need to keep the home owner mortgage deduction! http://www.savemymortgageinterestdeduction.com/ The consequences would be devastating for home owners, the housing market and the nation’s economy.

The case FOR home ownership

TIME magazine published a story in Sept 6, 2010 issue about the loss of the American dream of home ownership. Not only was it a discouraging article, it was wrong! There is nothing more central to the American way of life than home ownership, and that dream is just as alive today as ever. Young couples can take advantage of the lower interest rates to make home ownership affordable. It gives them a root for growing their families and establishing a stable community.

TIME looked at home ownership as an investment, from a financial side. True that prices haven't escalated as in the past, but it is still a sound investment. A home is far more than a financial investment. It is an investment in the family, which still today, is the American Dream.

Home building has a strong economic impact on the local economy. This is why Obama and the economic stimulus package gives rebates and tax credits to new buyers. The growth of new home construction, some say, will have the greatest impact on overall American economic recovery. Home owners paying real estate taxes are the primary source of local government funds. More home owners, more money in the local ecomony for better schools, better roads, better community!

Studies show that home owners are keeping their houses longer. Therefore, it would make more sense to build a better, more secure home. Spend a few extra dollars to build beyond codes. that includes adding the best hurricane tie-down system available, Cable-Tite. It was designed by engineers to exceed construction codes for protection from high wind uplift by using cables attached from the top plate to the anchor bolts for maximum protection.

Buy a new home with confidence about your investment in your family and your future, and insist on Cable-Tite uplift protection.

Tax Credits

The National Association of Home Builders (NAHB) lobbied for an extension of the "First Time Buyer New Home Tax Credit" and won!!!! The extension is through April 30, 2010. And there's a bonus to the bill. There is a tax credit for anyone who buys another home and has lived in their current one over 5 years. The first-time tax credit is $8000, and the repeat buyer tax credit is $6500.

This tax credit extension has a two-pronged affect. First, it will encourage those young first-time buyers to buy a home, either a new one or an existing one. They might not have otherwise made this purchase. A current home owner is encouraged to move to a new home now, that might have otherwise waited. These two factors create a demand on the surplus of new homes, and will remove them from the market. There has been a "pent-up" demand for over a year, and the extension of tax credits will help release it. The tax credit will bring the supply and demand closer together, for a more even flow in 2010.

Three cheers and a tip of the hat to NAHB!!!!! Thanks!