[the_Watchman]

"Wrongo! What if you buy a second home with 20% down that costs $500M? You will se a downturn, my friend."

There aren't that many real estate markets in the country where people have to purchase a $500K home. In Phoenix, you can still get into a large new home for under $350K. If I'm putting 10% down, then the marginal loss in deduction isn't really a factor to me.

Perhaps they are thinking to cap rising real estate markets around $300K to keep prices within reach?

[acapesket]

Get a grip! You can't find a lost cause in the N.E. that isn't 500k. I don't care what my deduction is... I don't buy diddly squat unless I can
A.) Afford the Mortgage without PMI
B.) Can live with the stupidity of the tax paying public's
voting process.. It's for the Schools and seniors
afterall! The property taxes go up with the idiocy of
the population, both of which are increasing!
C.) Still have a good life along with paying the mortgage
i.e. I live within my means!
D.) Be saving a bunch of cash, IRA's, Mutuals etc. so if
the first three predicates should blow for some unholy
reason, we can still survive!
HOW TOUGH IS THAT?

It's damned tough, but I am not into INSTANT
GRATIFICATION!!


P.S. It's worked darn well so far!