North American Real Estate News

The recession has hit all sectors of the economy. The worst hit is the real estate market the mortgage rates have home down and the pricing of the houses are also down. It is the low income group that is most effected with the recession. The foreclosure will evict many from their homes. The new stimulus package will now tap the rich to make way for the people who tend to loose their home. Mortgage interest deduction will for high income tax payers will be slashed. The people in the higher tax bracket with 33 % to 35% will be left with very little benefit from the deduction of mortgage interest, state tax and local tax.

Recession, uncertainty, over ambitious investors, greedy real estate developers, jittery lenders all combined to make it a perfect recipe for disaster. Strong market forces with subtle push from the local and federal government, seems to have however extended a new lease of life to the ambitions of a prospective homeowner.