Residential

12 markets hit hardest by slashing the mortgage interest deduction

It’s not just high-cost markets in California that would get squeezed by House Republicans’ proposed $500,000 cap on the mortgage interest deduction.

Housing markets across cities in Louisiana, Nevada and Washington also have a significant percentage of loans over this threshold.

And in an ironic twist, the housing market in the Washington, D.C., metro area, where many U.S. government workers and elected officials live, would also be affected by the proposed limit.

Through the end of October, 5.4% of all mortgages closed nationwide (purchase and refinance) had a balance of over $500,000 at origination, according to Attom Data Solutions.

Read Article at NationalMortgageNews.com

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